Scentre Group Prices AU$650 Million Subordinated Notes Issuance
Scentre Group (ASX:SCG) priced an issuance of AU$650 million of subordinated non-call 2031 floating rate and fixed-to-floating notes under its Australian dollar-denominated offering, according to a Wednesday Australian bourse filing.
The subordinated notes are divided into two tranches, with the first tranche consisting of AU$350 million in subordinated floating rate notes due 2055, with an initial margin of 2% above the three-month Bank Bill Swap Rate, the filing said.
The second tranche comprises AU$300 million in subordinated notes, offering an initial fixed coupon of 5.9%, the filing added.
The issuance qualifies as subordinated debt and is expected to settle on March 31, with a call option in September 2031.
Proceeds from the issue will be used to redeem about AU$1 billion of the group's existing subordinated non-call 2026 fixed rate reset notes due 2080.
Shares of the company rose nearly 2% in recent Wednesday trade.
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