Hammerson tenders for up to €200 million 4.875% bonds due 2015

By Jennifer Chiou

New York, April 19 - Hammerson plc announced the start of its modified Dutch auction tender offer for up to €200 million of its €700 million of outstanding 4.875% bonds due 2015.

Valid tender instructions are due by 11 a.m. ET on April 25.

Pricing will be set on April 26, and the maximum purchase spread will be 125 basis points. Hammerson will pay accrued interest.

Settlement is anticipated for May 2.

The company said that the purpose of the offer is to use excess liquidity to manage near-term debt maturities and achieve a lower running cost of debt.

Any acquired bonds will be canceled.

BNP Paribas (44 20 7595 8668 or liability.management@bnpparibas.com), HSBC Bank plc (44 20 7992 6237 or liability.management@hsbcib.com) and Royal Bank of Scotland plc (44 20 7085 5991 or 44 20 7085 5991 or liabilitymanagement@rbs.com) are the dealer managers.

Lucid Issuer Services Ltd. is the tender agent (44 20 7704 0880 or hammerson@lucid-is.com).

Hammerson is a real estate investment trust based in London.

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