6th Sep 2013 07:08
LONDON (Alliance News) - British Land Co PLC Friday said it has raised GBP200 million by issuing sterling fixed rate notes to existing US Investors New York Life and Pricoa Capital Group.
The company said it would issue notes of GBP100 million to each investor, swapped to an effective floating rate of 3 month LIBOR plus 103 basis points. The notes will fund in the first quarter of 2014, it said.
"The attractiveness of this funding opportunity was enhanced by the ability of the US investors to provide Sterling and to defer draw down, enabling the Group to continue to benefit from historical low margin bank facilities," the commercial property company said in a statement.
It said that when the funding is drawn down, the financing will extend its proportionally consolidated weighted average debt maturity by approximately 0.4 years.
British Land has now raised over GBP2 billion of funding since March 2012.
"This financing, together with the GBP410 million bank financings earlier in this financial year, builds on our strong liquidity position and demonstrates our ability to access funding on attractive, flexible terms from a range of sources," Financia Director Lucinda Bell said in a statement.
By Steve McGrath; [email protected]; @SteveMcGrath1
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