28th Feb 2006 14:54
British Land Co PLC28 February 2006 28 February 2006 British Land completes £753m superstore refinancing at average interest rate of less than 5% The British Land Company PLC ('British Land') has today completed the £753million refinancing of its securitised superstore portfolio. As a result of the transaction, BL Superstores Finance PLC has issued £753million of bonds at an average interest rate of 4.96%. The weighted average lifeof the new bonds is 13.4 years. After recent significant property disposals and the repayment of bank facilitiesBritish Land has closed out derivatives in order to maintain, in line with itsinterest rate policy, an appropriate balance of fixed and floating rate debt. These actions result in British Land's interest charge reducing by £11 millionper annum. The Company will incur an exceptional accounting charge againstpre-tax profits in the final quarter of its financial year ending 31 March 2006of some £122 million. The weighted average cost of debt is reduced from 5.92% to5.67% on a proforma basis as of 31 December 2005 with weighted average debtmaturity unchanged at 13.7 years. Adjusted NAV is reduced by 16 pence per share,NNNAV by 2 pence per share. Contacts The British Land Company PLC:Graham Roberts, Finance Director Tel: +44 20 7467 2948Peter Clarke, Executive Officer Tel: +44 20 7467 2886 FinsburyEdward Orlebar Tel: +44 20 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land