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Londonmetric Property places £130 million of notes; Graybar sets up $100 million shelf
Knoxville, Tenn., Sept. 22 – Londonmetric Property plc said it priced a £130 million private placement of senior notes in three tranches.
The trust sold £65 million of 2.62% notes due 2023, £40 million of 2.72% notes due 2024 and £25 million of 2.88% notes due 2028.
The London property investment and development company will use the offering’s proceeds to pay down some of the debt drawn under the company’s existing unsecured credit facility, which will remain available to draw in full.
As a result of the placement, the group’s weighted average debt maturity as of Sept. 30 is expected to increase to 5.7 years.
Separately, Graybar Electric Co., Inc. announced it entered into an uncommitted $100 million private placement shelf agreement with Metropolitan Life Insurance Co. and MetLife Investment Advisors, LLC.
The facility is expected to allow Graybar to issue senior promissory notes to MetLife and its affiliates at fixed- or floating-rate economic terms to be agreed upon at the time of any issuance during a three-year issuance period ending in September 2019.
The company will select the term of each note, not to exceed 12 years, or 10 years for floaters. Floating-rate note interest rates will be based on Libor.
Graybar has not yet issued any notes under the shelf agreement.
Proceeds will be used for general corporate purposes, including working capital and capital expenditures, to refinance debt and for potential acquisitions.
St. Louis-based Graybar distributes electrical, communications and data networking products and provides related supply chain management and logistics services.
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