Land Securities To Buy GBP1 Billion In Bonds, Plans New Debt Issue (ALLISS)

16th Mar 2018 13:11

LONDON (Alliance News) - Land Securities Group PLC opened Friday a tender offer to acquire bond notes worth GBP1.00 billion and also announced its intention of raising fresh funds through a new bond issue.

The FTSE 100-listed property firm - through its wholly-owned subsidiary Land Securities PLC - offered to buy any and all of three bond issues. Its GBP583.0 million outstanding 5.391% notes dues 2025, GBP243.3 million outstanding 5.396% notes due 2030 and GBP175.7 million outstanding 5.125 notes due 2034.

The offers will end at 1700 GMT next Friday. The purchase price will be determined around 1100 GMT on March 26.

Land Securities also announced it planned to issue new, sterling-denominated notes and fixed rate benchmark bond. This new bond is expected to have a maturity of nine years with a potential addition of a sub-benchmark sized tap of its existing GBP300.0 million 2.399% notes due 2029.

As with the tender offer, expiration of offer for new bonds will be next Friday with pricing due on March 26.

Shares in Land Securities were 0.3% lower at 906.10 pence on Friday.

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