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British Land gets tenders for £84.16 million 5.0055%, 5.357% bonds
By Susanna Moon
Chicago, Dec. 13 – British Land Co. plc said it accepted tenders for £1,634,954 of 5.0055% first mortgage amortizing debenture bonds due 2035 and £82,520,407 of its 5.357% first mortgage debenture bonds due 2028.
The tender offers ended at noon ET on Dec. 12.
As announced Nov. 30, the issuer was tendering for all of its £97,369,988.62 outstanding £110 million 5.0055% bonds and for up to £100 million of its £300,153,040 outstanding 5.357% bonds.
The company accepted all of the tendered notes with no pro rata scaling, according to a press release.
The purchase price for the 5.0055% notes was set at 124.046 using the 4.75% U.K. Treasury gilt due December 2030 plus 130 basis points for a benchmark rate of 1.463% and a purchase yield of 2.763%.
For the 5.357%, pricing was set at 125.173 using the 6% U.K. Treasury gilt due December 2028 plus 125 bps for a benchmark rate of 1.306% and a purchase yield of 2.556%.
Pricing for each series was set at 6 a.m. ET on Dec. 13.
After settlement on Dec. 20, the outstanding amount will be £108,359,046 principal amount of the 2035 bonds, or £95,922,678.29 amortized, and £217,632,633 of the 2028 bonds.
The offers are part of the issuer's liability management activities, according to a previous company announcement.
The dealer managers are Lloyds Bank plc (+44 20 7158 1721 or liability.management@lloydsbanking.com) and Royal Bank of Scotland plc, trading as NatWest Markets, (+44 20 7678 5282 or liabilitymanagement@natwestmarkets.com).
The receiving agent is Link Asset Services, a trading name of Link Market Services Ltd., (+44 371 664 0321). The tender agent is Bank of New York Mellon, London Branch (+44 1202 689 644 or debtrestructuring@bnymellon.com).
British Land is a London-based real estate company.
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