By Devika Patel
Knoxville, Tenn., July 6 – Segro plc said it arranged a €650 million “well oversubscribed” private placement of 10-year, 12-year and 15-year senior notes.
Lloyds Securities Inc. and Barclays Bank plc are the placement agents.
The deal includes €400 million notes due 2027 with a 1.77% coupon, €150 million of notes due 2029 with a 2% coupon and €100 million of notes due 2032 with a 2.27% coupon.
Proceeds will be used to refinance the company’s 2018 sterling bonds and secured debt within the Airport Property Partnership.
“The support we have received from our investors for our inaugural, and well oversubscribed, U.S. private placement debt issue is a further endorsement of the strategy we are pursuing at Segro,” chief financial officer Soumen Das said in a press release. “It will increase Segro’s weighted average debt maturity to eight years and, once drawn, will improve the company's overall cost of debt.”
Segro is a London-based real estate investment trust specializing in warehouses and light industrial properties.
| Issuer: | Segro plc
|
| Issue: | Senior notes
|
| Amount: | €650 million
|
| Placement agents: | Lloyds Securities Inc. and Barclays Bank plc
|
| Pricing date: | July 6
|
| Settlement date: | August
|
| Distribution: | Private placement
|
|
|
| Ten-year notes
|
| Amount: | €400 million
|
| Maturity: | 2027
|
| Coupon: | 1.77%
|
|
|
| Twelve-year notes
|
| Amount: | €150 million
|
| Maturity: | 2029
|
| Coupon: | 2%
|
|
|
| Fifteen-year notes
|
| Amount: | €100 million
|
| Maturity: | 2032
|
| Coupon: | 2.27%
|
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