Business
Scentre Group’s unconventional $4b option fits the peculiar times – Sydney Morning Herald
The market expected equity but Westfield operator Scentre Group gave it debt as it shored up its balance sheet during the pandemic. It’s not for everyone, but it will appeal to some in these most peculiar and uncertain times.
The market expected Scentre to do what others in its sector, like rival mall group Vicinity Centres, have done and issue new equity.
Vicinity raised $1.2 billion early in the pandemic and the market anticipated a $2 billion or so conventional offering from Scentre after it incurred a $3.6 billion half-year loss that included a $4 billion write-down of the value of its malls.
The market expected equity but Scentre gave it debt. It issued $US3 billion ($4.1 billion) of 60-year subordinated hybri…
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