Quintain Launches Seven Year 6.5% Sterling Bond

19 July 2013

Quintain Estates and Development plc ('Quintain')

QUINTAIN ESTATES AND DEVELOPMENT PLC LAUNCHES SEVEN YEAR 6.5% STERLING BOND

Quintain Estates and Developments plc, the London development and investment specialist, has launched and priced a £115 million 6.5% Sterling Bond, due July 2020.

The bond issue is a central part of Quintain's ongoing balance sheet management programme which saw net debt reduced by £91 million last year, to £444 million at 31 March 2013, and £50 million of existing bank facilities extended to 2016. The net proceeds of the bond issue will be applied to refinance part of the Company's existing bank borrowings, with ongoing maturities balanced between 3 and 7 years, increasing the weighted average maturity to 2017.

Richard Stearn, Finance Director of Quintain, said: "We are delighted to have entered the debt capital markets with our first bond issue, diversifying and increasing the sources of funding available to the Company. The issue increases liquidity and will provide stable, long term financing for Quintain at a competitive cost, more closely aligned with our asset profile and activities."

The bonds are to be issued by QED Finance plc, a wholly owned subsidiary of Quintain. Bond holders will share in the same floating charge security pool as the existing lenders to the Group.

The issue was priced today with closing and delivery of funds expected on 29 July.

Lloyds Banking Group acted as book-runner and, together with Independent Debt Capital Markets (IDCM), as Arrangers and Joint Lead Managers. Barclays, HSBC and JP Morgan Cazenove acted as Co-managers.

For further information please contact:

Quintain Estates and Development plc +44 (0) 20 7495 8968

Richard Stearn

Cressida Curtis

RLM Finsbury +44 (0) 20 7251 3801

Jenny Davey

Charlotte Whitley