Segro planning private placement of notes as part of refinancing

New York, May 31 – Segro plc is planning to issue notes in a private placement to institutional investors in the United States as part of a refinancing, according to announcements from the company.

The company said it is in “advanced discussions” with a “number” of investors for the note issue.

Proceeds will be used to fund the redemption of the company’s £200 million of 5.5% notes due 2018, which was announced on Wednesday.

The notes will be repaid on June 16 at 105.182% of par, or a total of £210,364,000, plus accrued interest.

Segro said the refinancing is intended to extend its maturities and reduce its borrowing costs.

Segro is a London-based real estate investment trust specializing in warehouses and light industrial properties.

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