17th Sep 2024 10:56
Land Securities Group PLC - London-based commercial property development and investment company - Launches and prices a GBP350 million green bond with a maturity of 10.0 years. Bond pays a 4.625% coupon and represents a 97 basis point spread over the reference gilt rate "subject to final legal documentation". Company says it "further strengthens Landsec's financial position and extends its weighted-average debt maturity to 9.8 years". Intends to use proceeds to partially repay the drawn element of its revolving credit facility, which will result in "an immediate saving in interest costs".
"This transaction further enhances Landsec's strong financial capacity, flexibility and maturity profile," comments Chief Financial Officer Vanessa Simms. "This is our second bond issuance of the year, and in both cases, the order books were multiple times over-subscribed with competitive pricing, demonstrating the strength of demand for our credit. Landsec remains well-placed to fund its development programme and investment in acquisition opportunities."
Current stock price: 675.50 pence, up 0.2% on Tuesday morning in London
12-month change: up 18%
By Emma Curzon, Alliance News reporter
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