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Hammerson to place €177 million, £50 million, $232 million notes due 2024, 2026, 2028, 2031
By Devika Patel
Knoxville, Tenn., Nov. 22 – London-based real estate investment trust Hammerson plc said on Tuesday that it plans a $488 million four-part private placement of seven-year, nine-year, 11-year and 14-year notes.
The notes will be sold in multiple currencies with a weighted average coupon at a fixed rate of 1.7% and a weighted average maturity of nine years. The company expects to sell €177 million, £50 million and $232 million of notes for a total of about £400 million, or $488 million, in the offering with 11 investors.
Barclays, RBS Securities Inc. and Santander Investment Securities Inc. were the agents for the deal, which was negotiated on Oct. 13 and will settle in January. The company said the sale is believed to be the largest ever private placement for a U.K. property company.
Proceeds will be used to repay short-term bank facilities.
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