8th Sep 2023 13:58
Hammerson PLC - London-based property development and investment company - Says it has completed GBP100 million bond tap issuance. This is after Hammerson announced on Thursday last week the issuance of a GBP100 million increase of its existing GBP200 million 7.25% coupon bonds maturing in 2028, resulting in a new outstanding notional of GBP300 million.
Separately, Hammerson also confirms that the final acceptance in its tender offer is GBP100.0 million. Also on Thursday last week, the company invited holders of outstanding bonds to tender them for cash purchases. Tender offers included GBP350.0 million at 3.500% due 2025, and GBP300.0 million at 6.00% due 2026. Reports acceptance of the tenders for GBO11.7 million of the 2025 bonds and GBP88.4 million of the 2026 bonds.
"The effect of the combined transactions is to extend GBP100 million of Hammerson's maturities in 2025 and 2026 to 2028 with an annualised net interest cost of GBP3 million to adjusted earnings in 2024," it says.
Current stock price in London: 24.84 pence, flat on Friday
12-month change: up 17%
Current stock price in Johannesburg: ZAR5.88, up 0.9%
12-month change: up 35%
By Artwell Dlamini, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.