NEWS

Allens advises lenders on $22 billion debt financing

By Diccon Loxton
Banking & Finance Financial Services

Allens has acted for a syndicate of 20 lenders that is providing the $22 billion needed for shopping centre group Westfield Group to complete its restructure and merge its Australian and New Zealand business with Westfield Retail Trust.

The $22 billion of funding commitments includes the biggest bridge facility in Australian corporate history – a $14 billion two-year bridge (with an option to extend a further 12 months) – and $8 billion of two-to-six year bank facilities.

Documents have been signed but closing is not scheduled until June 2014. Once completed, the Westfield Group and the Westfield Retail Trust Group will be restructured to establish two new groups – Westfield Corporation (for international operations) and Scentre Group (for Australian and New Zealand operations).

The Allens team was led by Partner Diccon Loxton and Senior Associate Jo Folan. The team also included input from integrated alliance partner Linklaters via its offices in Singapore and New York.

Mr Loxton said this highly significant deal was a continuation of the firm's involvement with Westfield's lenders.

'We are proud to have been a legal adviser to the financiers to Westfield for the past 10 years,' Mr Loxton said.

'This is obviously a significant deal for all parties involved.'

Allens legal team

Diccon Loxton (Partner – Sydney), Jo Folan (Senior Associate – Sydney)

Ends

Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.