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British Land tenders for £169.63 million 6.75% first mortgage bonds
By Susanna Moon
Chicago, Nov. 24 – British Land Co. plc said it began a tender offer for its £169,634,000 principal amount of outstanding £200 million 6.75% first mortgage debenture bonds due 2020.
Pricing will be set at 6 a.m. ET on Dec. 2 using the purchase yield of the 4¾% U.K. Treasury gilt due March 2020 plus a purchase spread of 95 basis points.
The purchase price is intended to reflect a yield to maturity of the bonds on the settlement date based on the purchase yield, according to a company notice.
The company will also pay accrued interest.
To participate, holders must tender their bonds by 11 a.m. ET on Dec. 1.
Settlement will occur on Dec. 4.
Tender instructions must be submitted in multiples of £1,000 principal amount.
Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com) and Royal Bank of Scotland plc (+44 20 7085 3781 or liabilitymanagement@rbs.com) are the dealer managers. Bank of New York Mellon (+44 1202 689 644 or debtrestructuring@bnymellon.com) is the tender agent.
The offer is part of the company’s liability management activities, the press release noted.
In a separate notice, British Land clarified that the note terms allow a tender to be made for just one note series and do not require that a tender must be made for all three of the following first mortgage debenture bond series:
• 6.75% first mortgage debenture bonds due 2020;
• 5.357% first mortgage debenture bonds due 2028; and
• 5.264% first mortgage debenture bonds due 2035.
The issuer said it entered into a supplemental trust deed with Royal Exchange Trust Co. Ltd., the trustee.
British Land is a London-based real estate company.
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