Business
Final results of the tender offers
Final results of the tender offers.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \nRNS Number : 2479C Land Securities Group PLC 06 February 2020 \n\nLand Securities Group PLC\n(\"Landsec\")\n \nLandsec announces final results of the tender offers\n \nOn 28 January 2020, Landsec's wholly-owned subsidiary, Land Securities PLC, launched separate invitations to holders of six series of notes issued by Land Securities Capital Markets PLC to tender their notes for cash. The notes have expected maturities ranging from 2023 to 2034. Land Securities PLC confirms that it will accept for purchase in cash an aggregate principal amount of notes across six series equal to £192.4m at a cash cost of £250.6m. The final results of the offer are contained in the release issued to the Irish Stock Exchange on Thursday 6 February 2020 (see below). \n \nBased upon Landsec's reported debt position and valuation at 30 September 2019, the pro forma impact of the tender offers is as follows:\n \n¾ The Group's weighted average maturity of debt will be reduced by 0.3 years (30 September 2019: 11.8 years).\n¾ Group LTV increases by 0.4 percentage points (30 September 2019: 28.1%).\n¾ EPRA net assets will be circa £59.0m lower (30 September 2019: £9,605m).\n¾ The net interest saving on the tendered bonds will be circa £1.2m for the year to 31 March 2020 and estimated to be £8.8m for the full year to 31 March 2021. \n \nThe following release was issued to the Irish Stock Exchange on Thursday 6 February 2020 by Land Securities PLC:\n \nTHIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014. \nNOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (the United States) OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.\n6 February 2020\nLAND SECURITIES PLC ANNOUNCES FINAL RESULTS OF THE TENDER OFFERS\nOn 28 January 2020, Land Securities PLC (the Offeror) launched separate invitations to holders of Land Securities C...