Derwent London in £250m private placing
Landlord Derwent London said it had agreed a £250m private placement in new senior unsecured notes for general use and debt refinancing with eight institutional investors.
Derwent London
2,080.00p
16:35 23/04/24
FTSE 250
19,799.72
16:59 23/04/24
FTSE 350
4,424.29
16:59 23/04/24
FTSE All-Share
4,378.75
17:14 23/04/24
Real Estate Investment Trusts
2,260.98
16:59 23/04/24
The issue consists of four tranches with maturities ranging between seven and 15 years. The weighted average coupon of the fixed rate notes equates to 2.89% with a weighted average maturity of 10.8 years, Derwent said.
The four tranches, to be drawn on 31 January 2019, are: £55m at 2.68% due 2026, £93m at 2.87% due 2029, £50m at 2.97% due 2031 and £m at 3.09% due 2034.
Barclays, HSBC, NatWest Markets and Wells Fargo acted as joint placement agents.
Derwent finance director Damian Wisniewski said the Group is “well placed to fund its pipeline of value-enhancing projects and to continue growing earnings”.
“When drawn in January 2019, the issue will increase our available facilities and extend our weighted average debt maturity."