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British Land tenders for 5.0055% bonds, £100 million of 5.357% bonds
By Susanna Moon
Chicago, Nov. 30 – British Land Co. plc said it is holding a tender for all of its £97,369,988.62 outstanding £110 million 5.0055% first mortgage amortizing debenture bonds due 2035.
British Land also is tendering for up to £100 million of its £300,153,040 outstanding £310 million 5.357% first mortgage debenture bonds due 2028.
Pricing for the 5.0055% notes will be set using the 4.75% U.K. Treasury gilt due December 2030 plus 130 basis points.
For the 5.357%, pricing will be based on the 6% U.K. Treasury gilt due December 2028 plus 125 bps.
The offers are part of the issuer’s liability management activities, according to a company announcement.
Pricing for each series will be set at 6 a.m. ET on Dec. 13.
The tender offers will remain open until noon ET on Dec. 12.
Settlement is expected to occur on Dec. 20.
The dealer managers are Lloyds Bank plc (+44 20 7158 1721 or liability.management@lloydsbanking.com) and Royal Bank of Scotland plc, trading as NatWest Markets, (+44 0 20 7678 5282 or liabilitymanagement@natwestmarkets.com).
The receiving agent is Link Asset Services, a trading name of Link Market Services Ltd., (+44 371 664 0321). The tender agent is Bank of New York Mellon, London Branch (+44 1202 689 644 or debtrestructuring@bnymellon.com).
British Land is a London-based real estate company.
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