Business
£225m US Private Placement debt for Covent Garden
£225m US Private Placement debt for Covent Garden.
About this update from Shaftesbury Capital Plc
[{"type":"text","content":"\n \nRNS Number : 6909L Capital & Counties Properties Plc 21 July 2017 \n\n21 July 2017\n \nCAPITAL & COUNTIES PROPERTIES PLC (\"Capco\")\n \n£225 million US Private Placement debt for Covent Garden\nCapco announces that Covent Garden Group Holdings Limited, the holding company for Capco's Covent Garden assets and a wholly owned subsidiary of Capco, has signed an agreement with eight institutional investors, for a private placement of £225 million senior unsecured notes with maturities ranging from seven to 20 years. The sterling denominated unsecured debt has a weighted average fixed rate coupon of 2.75%. \nIt is expected that closing and funding of the transaction will occur in August. The new issue will share the same financial covenants as the existing £325 million of private placement notes issued in 2014 and 2016 and the £705 million bank facility signed in December 2015. Proceeds of the issue will be used initially to repay the bank facility and for subsequent investment on the Covent Garden estate.\nBarclays Bank PLC and Natwest Markets acted as joint active agents on this transaction and were supported by Santander and HSBC.\nSitul Jobanputra, Chief Financial Officer of Capco, commented: \"We are very pleased with our third successful US Private Placement issue, the support we have received from existing investors and to welcome six new institutions to join our investor group at Covent Garden. This transaction further enhances our capital structure, providing greater financial flexibility through long term debt at a low cost.\"\n-ENDS-\nEnquiries \nCapital & Counties Properties PLC:\n\n\n\n\nIan Hawksworth\n\n\nChief Executive\n\n\n+44 (0)20 3214 9188 \n\n\n\n\nSitul Jobanputra \n\n\nChief Financial Officer\n\n\n+44 (0)20 3214 9183 \n\n\n\n\nSarah Corbett\n\n\nInvestor Relations Manager \n\n\n+44 (0)20 3214 9165\n\n\n\n\nMedia enquiries:\n\n\n\n\nSarah Hagan\n\n\nGroup Director of Communications & Marketing\n\n\n+44 (0)20 3214 9185 \n\n\n\n\nUK: Tulchan\n\n\nSusanna Voyle\n\n\n+44 (0)20 7353 4200\n\n\n\n\nSA: Instinctif\n\n\nFrederic Cornet\n\n\n+27 (0) 11 447 3030 \n\n\n\n\nNotes to Editors\nAbout Capital & Counties Properties PLC (Capco):\nCapital & Counties Properties PLC is one of the largest investment and development property companies tha...