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Great Portland Estates plans £100 million of private placement notes
By Devika Patel
Knoxville, Tenn., March 2 – Great Portland Estates plc plans a drawdown of £100 million new unsecured U.S. private placement notes, according to a filing with the London Stock Exchange.
The issue will have a weighted average maturity of 12.1 years, with maturities of 10, 12 and 15 years, and a weighted average fixed-rate coupon of about 2.8% or a spread of just over 100 basis points over Gilts.
Lloyds Bank plc and NatWest Markets will be the agents.
Proceeds, along with funds from recent sales, will fund the recent tender offer for the company’s £142.9 million 5.63% secured debenture due January 2029. The tender offer achieved approximately 85% take-up, or £121 million nominal, at a cash cost of £159.5 million.
Great Portland is a property investment and development company based in London.
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