1st Aug 2014 15:40
LONDON (Alliance News) - UK residential property owner and manager Grainger PLC Friday said it has priced a GBP75 million tap of its GBP200 million 5% secured bonds, due in December 2020.
The yield to maturity on the tap issue was priced at 4.792%. The issue is expected to close next week.
The company said it will use the proceeds from the bond issuance to reduce drawings under its revolving bank facility.
"This will leave the group well positioned to take advantage of future investment opportunities in the residential market," the company said in a short statement Friday.
Grainger shares were trading at 215.40 pence just before the market close Friday, up 0.1%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Grainger plc