Unibail-Rodamco-Westfield has placed a €2bn (£1.8bn) bond, following a shareholder revolt over a proposed equity raise in a €9bn restructuring plan.
The shopping centre investor priced the two-tranche senior bond, comprising €1bn with a 0.625% coupon, maturing in six years and five months and a second €1bn bond at a 1.375% fixed coupon and 11-year maturity.
The bond was more than three times oversubscribed, attracting over €6.5bn of demand.
The group has also launched an offer for a further €1bn across five outstanding bonds, which have a total principal amount of €2.8bn and maturity from February 2021 to February 2024, with results to be announced on 2 December.
URW will use the proceeds to fund the concurrent tender offer and extend the debt’s maturity.
The investor proposed a €3.5bn equity raise last month as part of a €9bn restructuring. Activist shareholders led by former chief executives Léon Bressler responded with fury, claiming the raise would be “severely dilutive and unnecessary”.
The group subsequently appointed new chief executive Jean-Marie Tritant to take over at the start of January.
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