Business
Results of bond tap issuance and tender offer
Results of bond tap issuance and tender offer.
About this update from Hammerson Plc
[{"type":"text","content":"\n\n \n \nHammerson plc (\"Hammerson\" or the \"Company\")\n \n8 September 2023\n \nHammerson successfully completes its £100m bond tap issuance and matching £100m tender offer of its 2025 and 2026 bonds\n \nHammerson announces the results of its successful £100m bond tap issuance and matching tender offer.\nOn 31 August 2023, Hammerson announced the issuance of a £100m increase (or \"tap\") of its existing £200m 7.25% coupon bonds maturing in 2028 (the \"New Bonds\"), resulting in a new outstanding notional of £300m. On 31 August 2023, Hammerson further announced a tender offer for its £350m 3.5% coupon bonds maturing in 2025 (the \"2025 Bonds\") and its £300m 6.0% coupon bonds maturing in 2026 (the \"2026 Bonds\"). Earlier today, Hammerson announced acceptance of the tenders for £11.7m of the 2025 Bonds and £88.4m of the 2026 Bonds. \nThe New Bonds were issued on 6 September and priced at a yield of 9.1%. Hammerson achieved purchase yields on the tendered and shorter dated 2025 Bonds and 2026 Bonds of 7.7% and 8.1% respectively.\nThe effect of the combined transactions is to extend £100m of Hammerson's maturities in 2025 and 2026 to 2028 with an annualised net interest cost of £3m1 to adjusted earnings in FY 2024.\nNote 1\nThe net annualised cash cost is £2m excluding the IFRS requirement to capitalise and amortise the new issue discount over the life of the New Bonds. \n \nThis announcement has also been released on the SENS system of the Johannesburg Stock Exchange and on Euronext Dublin.\n \nEnquiries\nHammerson Investor Contacts\nJosh Warren, Director of Strategy, Commercial Finance and Investor Relations\nT: +44 (0) 20 7887 1053 E: [email protected]\n \nHammerson Media Contacts\nNatalie Gunson, Group Communications Director, Hammerson\nT: +44 (0) 20 7887 4672 E: [email protected]\n \nMHP for Hammerson\nOllie Hoare and Charles Hirst\nT: +44 (0)20 3128 8100 E: [email protected]\n \nNotes to editors\nHammerson has ratings of BBB (issuer default rating) from Fitch Ratings Limited (\"Fitch\") and Baa3 (long term debt...