Business
Landsec announces tender offers to purchase bonds
Landsec announces tender offers to purchase bonds.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \nRNS Number : 0005Q Land Securities Group PLC 06 September 2017 \n\n6 September 2017\nLand Securities Group PLC\n(\"Landsec\")\n \nLandsec announces tender offers to purchase bonds for cash\n \nLandsec confirms that its wholly owned subsidiary, Land Securities PLC, has today launched separate invitations to holders of three tranches of its bonds to tender their notes for cash. The notes have an expected maturity date ranging from 2027 to 2034. In addition, Landsec has announced its intention, subject to market conditions, to issue two new sterling-denominated fixed rate notes with expected maturities of 20 and 40 years.\nThe aim of these transactions is to term out part of Landsec's short term borrowings and use that opportunity to extend the duration of some of its corporate bonds.\nA further release will be issued on 15 September 2017 confirming the results of the tender offers and new issuance.\nThe following release was issued to the Irish Stock Exchange today 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 (SEE \"OFFER AND DISTRIBUTION RESTRICTIONS\" BELOW).\n6 September 2017\nLAND SECURITIES PLC ANNOUNCES TENDER OFFERS TO PURCHASE NOTES FOR CASH\nLand Securities PLC (the Offeror) has today launched separate invitations to holders of Land Securities Capital Markets PLC's (the Company) outstanding (a) 5.376 per cent. Class A6 Notes due September 2029 (ISIN: XS0204780125), (b) 5.396 per cent. Class A7 Notes due July 2032 (ISIN: XS0204780554) and (c) 5.125 per cent. Class A11 Notes due February 2036 (ISIN: XS0286155071) (together, the Notes and each a Series), to tender their Notes for purchase by the Offeror for cash (each an Offer and together, the Offers). The Offers are being made on the terms and subject to the conditions contained in the tender offer memorandum dated 6 September 2017 (the Tender Offer Memorandum) and are subject to the offer restrictions set out below and as more fully described in the Tender Offer Memo...