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Prospect News home > News index > List of issuers Tenders > Headlines for 2017 > News item
Published on 9/25/2017 in the Prospect News Liability Management Daily.

Segro tenders for £450 million of five note series until next Tuesday

By Susanna Moon

Chicago, Sept. 25 – Segro plc said it is holding separate tender offers for up to £450 million principal amount of five series of its notes that will remain open until noon ET on Oct. 3.

Pricing will be set at 6 a.m. ET on Oct. 4 using a reference security plus a fixed spread. The purchase price for the company’s

• £300 million of 6.75% notes due Nov. 23, 2021 will be set using the 3.75% U.K. Treasury due September 2021 plus a spread of 60 basis points;

• £150 million of 7% notes due March 14, 2022 will be set using the 4% U.K. Treasury due March 2022 plus 60 bps;

• £225 million of 6.75% notes due Feb. 23, 2024 will be set using the 2.75% U.K. Treasury due September 2024 plus 67 bps;

• £177.31 million of 6% notes due 2019 will be set using the 3.75% U.K. Treasury due September 2019 plus 55 bps; and

• £250 million of 5.625% notes due 2020 will be set using the 3.75% U.K. Treasury due September 2020 plus 55 bps.

Segro plans to price new sterling-denominated fixed-rate notes in either one or two tranches, which is a condition to the tender offer, according to a company announcement.

The offers are being held as part of the company’s efforts to manage its balance sheet “by lengthening the maturity profile and reducing the running cost of debt,” the release noted.

Settlement is expected to occur on Oct. 11.

HSBC Bank plc (+44 0 20 7992 6237 or LM_EMEA@hsbc.com), Lloyds Bank plc (+44 0 20 7158 1721 or liability.management@lloydsbanking.com) and Banco Santander, SA (+44 0 20 7756 6909/6646, tommaso.grospietro@santandergcb.com or king.cheung@santandergcb.com) are the dealer managers. Royal Bank of Scotland plc, trading as NatWest Markets, is the co-dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880 or segro@lucid-is.com) is the tender agent.

Segro is a London-based real estate investment trust specializing in warehouses and light industrial properties.


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