Westfield plans to issue £750 million of commercial mortgage-backed floating rate notes to refinance a five-year loan secured by the London based Stratford mall, according to a person familiar with the deal.
Credit Agricole and Deutsche Bank are joint lead managers on the deal.
DBRS is expected to assign AAA’ ratings to the notes; Fitch Ratings is also expected to rate the deal. The notes have a weighted average life of 6.6 years and a legal final maturity of August 2024.
Westfield’s Stratford mall is a 1.9 million square feet shopping center located adjacent to the Olympics site, in East London.
