Global shopping centre giant Unibail-Rodamco-Westfield (URW) has announced the placement of €750 mln of bonds.
The company said on 22 June it had successfully priced a €750 mln senior bond offering with a 12-year maturity and a 2.0% fixed coupon.
The offering attracted strong demand with the order book exceeding €1.6 bn, according to the firm.
The net proceeds from the issuance will be used for general corporate purposes, including the refinancing of debt maturing in 2020 and extending the group’s debt maturity.
As a result, URW will have €12.7 bn in cash on hand and undrawn credit lines upon closing of the senior bond offering.
The shopping centre owner and operator was forced to shutter the majority of its assets during lockdown procedures imposed as a result of the Covid-19 pandemic, but said that it had managed to reopen some 87% of its malls worldwide by mid-June. URW numbers 90 shopping centres globally.
Christophe Cuvillier, group CEO of URW, commented earlier this month: 'While of course things are not yet back to normal, it is very encouraging to see so many of the group’s centres able to trade again, while utilising all appropriate and required measures to ensure the health and safety of our visitors, tenants and employees.'
