NEW YORK and SYDNEY, Sept. 5, 2024 /PRNewswire/ -- RE1 Limited, in its capacity as responsible entity and trustee of Scentre Group Trust 2 (the "Offeror"), a trust forming part of the stapled entity Scentre Group (ASX: SCG) ("Scentre Group"), announced today the consideration payable as set forth in the table below in respect of its previously announced tender offer (the "Tender Offer") for up to US$655,920,000 aggregate principal amount (the "Maximum Tender Amount") of its outstanding Subordinated Non-Call 6 Fixed Rate Reset Notes due 2080 (the "Notes"). As previously announced, the Offeror expects to repurchase Notes that were validly tendered at the Early Tender Time with an aggregate principal value equal to the Maximum Tender Amount. Because the amount of Notes validly tendered as of the Early Tender Time exceeded the Maximum Tender Amount, the Offeror will not accept for purchase any Notes tendered after the Early Tender Time. The terms and conditions of the Tender Offer are set forth in the Offer to Purchase dated August 20, 2024 (the "Offer to Purchase"). The Tender Offer will expire at 5:00 p.m., New York City time, on September 19, 2024, or any other date and time to which the Offeror extends the Tender Offer, unless earlier terminated.
Consideration and Accrued Interest
Title of Security |
CUSIP Nos. and ISINs |
U.S. Treasury Reference |
Bloomberg Reference |
Reference Yield |
Fixed Spread |
Repurchase Yield |
Early |
Early Tender Consideration(1) |
||||||||
Subordinated Non- |
144A CUSIP: 76025LAA2 144A ISIN: US76025LAA26 |
4.375% UST |
FIT1 |
3.763 % |
+135bps |
5.113 % |
US$50 |
US$993.03 |
||||||||
(1) Per US$1,000 principal amount. The Early Tender Consideration was calculated using the Fixed Spread and when calculated using such Fixed Spread specified in the table above already includes the Early Tender Premium. |
The consideration of US$993.03 per US$1,000 principal amount for Notes (the "Early Tender Consideration") validly tendered at or prior to the Early Tender Time (as defined below) and accepted for purchase pursuant to the Tender Offer was determined in accordance with the formula set forth in Schedule A of the Offer to Purchase by reference to the fixed spread specified in the table above plus the Reference Yield (as defined in the Offer to Purchase) at 10:00 a.m., New York City time, today, September 5, 2024.
5:00 p.m., New York City time, on September 4, 2024 (the "Early Tender Time") was the last date and time for holders to tender their Notes in order to be eligible to receive the Early Tender Consideration.
In addition to the Early Tender Consideration, holders whose Notes are purchased in the Tender Offer will receive accrued and unpaid interest from the last semi-annual interest payment date up to, but not including, the Early Settlement Date.
Settlement
The Offeror anticipates that the Early Settlement Date will be September 10, 2024, subject to all conditions to the Tender Offer having been satisfied or waived by the Offeror.
The Offeror's obligation to accept for payment and to pay for the Notes validly tendered in the Tender Offer is subject to the satisfaction or waiver of a number of conditions, including the Financing Condition, described in the Offer to Purchase.
Dealer Managers and Tender and Information Agent
The Offeror has appointed Merrill Lynch International, RBC Capital Markets, LLC and SMBC Nikko Capital Markets Limited as dealer managers (the "Dealer Managers") for the Tender Offer. The Offeror has retained Global Bondholder Services Corporation as the tender and information agent for the Tender Offer. For additional information regarding the terms of the Tender Offer, please contact: Merrill Lynch International at +44 207 996 5420 (international) or +1 (980) 387-3907 (in the U.S.) or +1 (888) 292-0070 (U.S. toll-free) or [email protected] (email) or RBC Capital Markets, LLC at (212) 618-7843 (in the U.S.) or (877) 381-2099 (U.S. toll-free) or [email protected] (email) or SMBC Nikko Capital Markets Limited at + 44 204 507 5043 or [email protected] (email). Requests for documents and questions regarding the tendering of Notes may be directed to Global Bondholder Services Corporation by telephone at (212) 430-3774 (for banks and brokers only), (855) 654-2015 (toll-free) or 001-212-430-3774 (international), by email at contact@gbsc‑usa.com or at https://www.gbsc-usa.com/scentre/.
This press release shall not constitute, or form part of, an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offer is being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.
Neither the Offer to Purchase nor any disclosure document (as defined in the Australian Corporations Act 2001) in relation to the Notes has been or will be lodged with the Australian Securities and Investments Commission, and in Australia, the Tender Offer is only available to persons to whom an offer or invitation can be made without disclosure in accordance with Parts 6D.2 or 7.9 of the Australian Corporations Act.
From time to time after completion of the Tender Offer, the Offeror or its affiliates may purchase additional Notes in the open market, in privately negotiated transactions, through tender or exchange offers or other methods, or the Offeror may redeem Notes pursuant to their terms. Any future purchases may be on the same terms or on terms that are more or less favorable to holders of the Notes than the terms of the Tender Offer.
About Scentre Group
We acknowledge the Traditional Owners and communities of the lands on which our business operates. We pay our respect to Aboriginal and Torres Strait Islander cultures and to their Elders past and present.
We recognise the unique role of Māori as Tangata Whenua of Aotearoa/New Zealand.
Scentre Group (ASX: SCG) owns and operates 42 Westfield destinations across Australia and New Zealand encompassing more than 12,000 outlets. Our Purpose is creating extraordinary places, connecting and enriching communities. Our Plan is to create the places more people choose to come, more often, for longer. Our Ambition is to grow the business by becoming essential to people, their communities and the businesses that interact with them.
This release contains forward-looking statements. Forward-looking statements are information of a non‑historical nature or which relate to future events and are subject to risks and uncertainties. No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions. You should not place undue reliance on these forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules) neither the Offeror nor Scentre Group undertake any obligation to update these forward-looking statements.
Media Contact:
Scentre Group Corporate Affairs
[email protected]
SOURCE Scentre Group
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