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Stockland accepts £189.9 million of 5.625% notes in tender offer
By Angela McDaniels
Tacoma, Wash., Dec. 15 - Stockland Finance Pty. Ltd. accepted for purchase £189,899,000 of its £250 million of 5.625% notes due 2013, according to a company announcement.
A tender offer for the notes began on Dec. 6 and ended at 11 a.m. ET on Dec. 14. The settlement date is expected to be Dec. 19.
The purchase price is 106.148, and accrued interest is 0.845%.
Pricing was set at 9 a.m. ET on Dec. 15 using the yield to maturity of the 4.5% U.K. Treasury Gilt due 2013 plus a spread of 180 basis points. The benchmark security rate was 0.381%, and the purchase yield is 2.181%.
Barclays Bank plc (44 207 7773 8578, attn: liability management group at eu.lm@barcap.com) was the dealer manager. Bondholder Communications Group, LLC (44 20 7382 4580, attn: Susan Field at sfield@bondcom.com) was the tender agent.
Stockland is a Sydney, Australia-based property development and financial company.
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