27th May 2021 18:07
(Alliance News) - Hammerson PLC on Thursday announced the maximum acceptance amount for its tender offer.
Earlier Thursday, Hammerson said it completed the issuance of a EUR700 million sustainability linked bond with a six-year maturity period and a 1.75% coupon.
The London-based property development and investment company said the new issuance was combined with tender offers announced on Thursday last week for EUR500 million in 2% bonds due 2022 and EUR500 million in 1.75% bonds due 2023.
The proceeds from the issuance of all new bonds will be used to repay existing debt, Hammerson said.
"Together with our recent announcement of the disposal of the retail parks portfolio, this is another important step in strengthening the group's capital structure. The linking of the bond to our sustainability targets brings a stronger alignment between our financial and sustainability goals and we are pleased to have received a positive response to our bond, which was 2x covered," said Chief Financial Officer Himanshu Raja.
Hammerson shares closed 7.2% higher in Johannesburg on Thursday at ZAR7.63 each, while in London, the stock ended up 5.5% at 39.05 pence a share.
By Evelina Grecenko; [email protected]; updated by Arvind Bhunjun; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Hammerson