Westfield Retail Replaces A$1.34 Billion of Maturing Debt

Westfield Retail Trust (WRT) has arranged for new bank facilities that will enable it to repay A$1.34 billion ($1.39 billion) of debt on its Westfield Sydney project.

The A$1.27 billion new facilities, which have maturities from 2014 to 2017, will allow the trust to repay the existing debt when the Sydney mall is completed in April 2012, it said in a regulatory filing today.

Westfield Retail, the property trust spun off from Westfield Group (WDC) to own 50 percent of the mall operator’s Australian and New Zealand malls, also reiterated its forecast for distributable earnings of 18.3 cents a share and distribution of 16.5 cents a share for the 2011 fiscal year.

To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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