HWL Ebsworth and Allens had the lead roles on a $20 billion financing for the restructuring of Australian shopping mall developer Westfield Group.

As part of the arrangement, Westfield Group plans to split off its Australia and New Zealand properties from its international ones. The business in Australia and New Zealand will become the Scentre Group, while the international business will operate as the Westfield Corp.

Shareholders will meet in May to vote on the restructuring proposal.

The loan comprises a $13 billion two-year facility and a number of other facilities totaling $7 billion, with terms ranging from two to six years. The transaction, subject to customary conditions, is expected to close in June.

HWL Ebsworth Sydney partner Richard Gray is advising Westfield Group on the loan.

Allens Sydney partner Diccon Loxton is leading a team representing a syndicate of 20 lenders.

Email: azhang@alm.com.