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Landsec announces final results of tender offers
Landsec announces final results of tender offers.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \nRNS Number : 9650Q Land Securities Group PLC 18 September 2017 \n\n18 September 2017\nLand Securities Group PLC\n(\"Landsec\")\n \nLandsec announces final results of the tender offers\n \nOn 6 September 2017, Landsec's wholly-owned subsidiary, Land Securities PLC, launched separate invitations to holders of three tranches of its bonds to tender their notes for cash. Land Securities PLC confirms that it will accept for purchase in cash an aggregate principal amount of notes across two tranches equal to £502m at a cash cost of £673m. The final results of the offer are contained in the release issued to the Irish Stock Exchange on Friday 15 September 2017 (see below). \nIn addition, Land Securities Capital Markets PLC confirms it will issue a £500m bond with an expected maturity of 20 years, paying a coupon of 2.625% and a £500m bond with an expected maturity of 40 years, paying a coupon of 2.75%.\nBased upon Landsec's reported debt position and valuation at 31 March 2017, 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 5.2 years.\n· Group LTV increases by 1.2 percentage points.\n· Adjusted diluted net assets will be circa £171m lower.\n· The annual net interest saving on the tendered bonds, taking into account the cost of the new issuance, will be circa £8.4m. The annual cost of terming out circa £325m of short term debt will be circa £6.3m. \nThe following release was issued to the Irish Stock Exchange on Friday 15 September 2017 by Land Securities PLC:\n \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.\n15 September 2017\nLAND SECURITIES PLC ANNOUNCES FINAL RESULTS OF THE TENDER OFFERS \nOn 6 September 2017, Land Securities PLC (the Offeror) launched separate invitations to holders of Land Securities Capital Markets PLC's (the Company) outstanding (a) 5.376 per cen...