By Lisa Kerner
Charlotte, N.C., Sept. 8 - British Land Co. plc closed a $480 million U.S. private placement of senior notes with 12 investors on Sept. 1. It is the largest U.S. private placement transaction completed by a U.K. real estate investment trust, according to a company news release.
The company issued notes as follows:
• $40 million of 3.895% senior notes due 2018;
• $220 million of 4.635% senior notes due 2021;
• $135 million of 4.766% senior notes due 2023; and
• $85 million of 5.003% senior notes due 2026.
British Land said the offer, priced on June 22, originally launched at $200 million and was three times oversubscribed.
The issue was swapped to £300 million at an average floating rate of Libor plus 146 basis points.
RBS and HSBC acted as joint agents and hedge coordinators. Lloyds provided hedge underwriting and syndication.
Proceeds were used to repay revolving bank facilities.
The notes, together with a £560 million syndicated bank facility entered into earlier in the year, "builds on our strong liquidity position," finance director Lucinda Bell said in the release.
British Land is a London-based real estate company.
| Issuer: | British Land Co.
|
| Issue: | Senior notes
|
| Total amount: | $480 million
|
| Agents: | RBS and HSBC
|
| Pricing date: | June 22
|
| Settlement date: | Sept. 1
|
| Distribution: | Private placement
|
|
|
| Tranche 1
|
| Amount: | $40 million
|
| Maturity: | 2018
|
| Coupon: | 3.895%
|
|
|
| Tranche 2
|
| Amount: | $220 million
|
| Maturity: | 2021
|
| Coupon: | 4.635%
|
|
|
| Tranche 3
|
| Amount: | $135 million
|
| Maturity: | 2023
|
| Coupon: | 4.766%
|
|
|
| Tranche 4
|
| Amount: | $85 million
|
| Maturity: | 2026
|
| Coupon: | 5.003%
|
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