Business
Final results of tender offers
Final results of tender offers.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \nRNS Number : 8211V Land Securities Group PLC 02 February 2017 \n\n2 February 2017\nLAND SECURITIES GROUP PLC\n(\"LAND SECURITIES\")\n \nLAND SECURITIES PLC ANNOUNCES FINAL RESULTS OF THE TENDER OFFERS\n \nOn 24 January 2017, Land Securities' wholly-owned subsidiary, Land Securities PLC, launched separate invitations to holders of four series of its bonds to tender their notes for cash. Land Securities PLC announced yesterday that it would accept for purchase in cash an aggregate principal amount of notes across three series equal to £634.7m at a cash cost of £759.1m. The final results of the offer are contained in the release issued to the Irish Stock Exchange yesterday (see below). \nIn addition, Land Securities Capital Markets PLC announced yesterday that it would issue a £400m bond with an expected maturity of 7 years, paying a coupon of 1.974% and a £300m bond with an expected maturity of 12 years, paying a coupon of 2.399%.\nBased upon Land Securities' reported debt position and valuation at 30 September 2016, the pro forma impact of the tender offers and new issuance is as follows:\n· The Group's weighted average maturity of debt will be extended by 0.6 years.\n· Group LTV increases by 0.8 percentage points.\n· Adjusted diluted net assets will be circa £124.4m lower.\n· The net interest saving for the year to March 2018 on the tendered bonds, taking into account the cost of the new issuance, will be circa £17.3m.\nCommenting on the transaction, Martin Greenslade, Chief Financial Officer, said, \"These are the first new bonds to be issued out of our secured debt structure since 2007. We are pleased with the level of investor interest as we consider how we finance a future phase of net investment\".\nThe following release was issued to the Irish Stock Exchange yesterday by Land Securities PLC:\n\"LAND SECURITIES PLC ANNOUNCES FINAL RESULTS OF THE TENDER OFFERS\nOn 24 January 2017, Land Securities PLC (the Offeror) launched separate invitations to holders of Land Securities Capital Markets PLC's (the Company) outstanding (a) 5.425 per cent. Class A3 Notes due 2022 (ISIN: XS0204778145), (b) 5.391 per cent. Class A4 Notes due 2026 (ISIN: XS0204778905), (c) 5.391 per cent. Class A5 Notes due 2027 (ISIN: XS02047794...