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Westfield Group Raises A$2.35 Billion

17 June 2005

Westfield Group Raises A$2.35 Billion In Eurobond Market

The Westfield Group (ASX: WDC) overnight priced its inaugural debt issue in the Eurobond market comprising:

€600,000,000 7-year fixed rate guaranteed notes at a spread of 60 basis points over mid-swaps with a coupon of 3.625%; and

£600,000,000 12-year fixed rate guaranteed notes at a spread of
110 basis points over UK Gilts with a coupon of 5.50%.

The notes have been assigned long-term credit ratings of ‘A2’ by Moody’s Investors Service, Inc. and ‘A-‘ by Standard & Poor’s Rating Services a division of the McGraw-Hill Companies, Inc.

The notes are expected to be listed on the London Stock Exchange and the Irish Stock Exchange on or about 28 June 2005.

Proceeds from the issue will be used for general corporate purposes including the repayment of existing unsecured borrowings of the Group.

Westfield Managing Director, Mr Peter Lowy, said: "We are pleased with the strong support from both UK and European investors in the Westfield Group’s first debt issue in this market.

“As a consequence of this transaction, the Group has further diversified its funding sources in line with its recent expansion in the United Kingdom and has also extended its overall debt maturity profile,” he said.

“This issue builds on the Group’s access to international debt markets and provides a benchmark for future capital raisings in this market.”

The lead managers on the transaction were ABN AMRO, Barclays Capital, BNP Paribas and Deutsche Bank with Credit Suisse First Boston, HSBC Bank plc, Morgan Stanley and The Royal Bank of Scotland acting as co-managers.


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