Peel seeks consents to amend terms of first mortgage debenture stock

By Devika Patel

Knoxville, Tenn., April 19 - Peel Land and Property Investments plc said it is soliciting consents to amend its £200 million of 9 7/8% first mortgage debenture stock 2011.

The company wishes to extend the stock's maturity date to April 30, 2040 from April 30, 2011, reduce the coupon to 8 3/8% and take the opportunity to update certain other terms and conditions.

The stock, which is currently trading on the London Stock Exchange's Regulated Market, will be transferred to the Professional Securities Market on April 28.

Should any private individuals holding less than £50,000 in stock wish to have the stock repurchased, the company will buy the stock at the higher of par and, if the company issues further stock as it plans, the price at which any additional stock will be issued, plus interest up to, but not including, the settlement date.

The Royal Bank of Scotland plc and Lloyds TSB Bank plc are the dealer managers. Capita Registrars is the registrar.

Based in Manchester, Great Britain, Peel owns, invests in, develops and manages commercial real estate.

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