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Great Portland Estates tenders for £142.86 million 5.625% debentures
By Susanna Moon
Chicago, Jan. 25 Great Portland Estates plc is tendering for its £142.86 million of outstanding 5.625% first mortgage debenture stock due 2029.
Pricing will be set at 5 a.m. ET on Feb. 2 using the 6% U.K. Treasury gilt due Dec. 7, 2028 plus 68 basis points, according to an announcement by the company.
The hypothetical price was calculated at £1,341.36 per £1,000 principal amount using a hypothetical benchmark security rate of 1.44% at 5 a.m. ET on Jan. 24 assuming an early settlement date of Feb. 12.
The offer is intended to proactively manage the offeror's capital structure and reduce interest expense, according to a release.
The non-retail tender deadline will be noon ET on Feb. 1, with settlement following on Feb. 12.
For retail investors, the offer will run until noon ET on Feb. 15 with settlement set for Feb. 22.
A retail investor is one who holds less than £100,000 principal amount of the bonds and whose ordinary activities do not involve that person buying, selling, subscribing for or underwriting instruments such as the bonds, the release noted.
Banco Santander, SA (+44 20 7756 6909, +44 20 7756 6646, tommaso.grospietro@santandergcb.com or king.cheung@santandergcb.com) and Lloyds Bank plc (+44 20 7158 1721 or liability.management@lloydsbanking.com) are the dealer managers. Link Asset Services (+44 371 664 0321), a trading name of Link Market Services Ltd., is the receiving agent.
Of the £150 million of notes issued, £100 million was issued Jan. 26, 1999 and another £50 million was issued Jan. 31 and consolidated to form a single series with the original issue.
Great Portland is a property investment and development company based in London.
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