Land Securities accepts tenders for £192.4 million from six series

By Sarah Lizee

Olympia, Wash., Feb. 6 – Land Securities Group plc subsidiary Land Securities plc announced the results of its separate offers to purchase up to £200 million of six series of notes issued by Land Securities Capital Markets plc.

Land Securities will accept for purchase £192.4 million of notes at a cash cost of £250.6 million, according to a Thursday press release.

The following notes were tendered and accepted for purchase:

• £4,476,000 of the £21,522,000 of 5.391% class A4 notes with a step-up date of Feb. 27, 2024 (ISIN: XS0204778905) with pricing set using the 1% U.K. Treasury due April 2024 plus a purchase spread of 65 basis points for a purchase price of 116.927;

• £91,463,000 of the £186,055,000 of 5.391% class A5 notes with a step-up date of March 31, 2025 (ISIN: XS0204779465) with pricing set using the 5% U.K. Treasury due March 2025 plus a purchase spread of 65 bps for a purchase price of 121.383;

• £11,268,000 of the £76,461,000 of 5.376% class A6 notes with a step-up date of Sept. 30, 2027 (ISIN: XS0204780125) with pricing set using the 1.25% U.K. Treasury due July 2027 plus a purchase spread of 65 bps for a purchase price of 130.998;

• £75,159,000 of the £155,781,500 of 5.396% class A7 notes with a step-up date of July 31, 2030 (ISIN: XS0204780554) with pricing set using the 4.75% U.K. Treasury due December 2030 plus a purchase spread of 55 bps for a purchase price of 141.430;

• £3,638,000 of the £13.5 million of 4.875% class A10 notes with a step-up date of Sept. 29, 2023 (ISIN: XS0269067095) with pricing set using the 2.25% U.K. Treasury due September 2023 plus a purchase spread of 50 bps for a purchase price of 113.982; and

• £6,377,000 of the £56,391,000 of 5.125% class A11 notes with a step-up date of Feb. 7, 2034 (ISIN: XS0286155071) with pricing set using the 4.5% U.K. Treasury due September 2034 plus a purchase spread of 80 bps for a purchase price of 143.274.

The offers expired at 11 a.m. ET on Feb. 5.

Pricing was determined at 6 a.m. ET on Feb. 6.

Settlement is expected for Feb. 10.

The purchase price equals the value of all remaining payments of principal and interest on the relevant notes up to and including the step-up date, discounted to the tender offer settlement date at a discount rate equal to the relevant purchase yield, minus accrued interest.

Land Securities said the purpose of the offer is to manage its balance sheet and provide liquidity to investors.

HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com) is acting as dealer manager and Lucid Issuer Services Ltd. (+44 20 7704 0880; landsecurities@lucid-is.com) is acting as tender agent.

Land Securities is a commercial property company based in London.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.