Hammerson accepts £100.09 million of 2025, 2026 bonds in tender offers

By Mary-Katherine Stinson

Lexington, Ky., Sept. 8 – Hammerson plc announced the results in its tender offers for its £350 million 3.5% bonds due Oct. 27, 2025 (ISIN: XS1311391012) and £300 million 6% bonds due Feb. 23, 2026 (ISIN: XS0184639895), according to multiple notices.

The final acceptance amount is £100,092,000, to be allocated between the 2025 bonds and the 2026 bonds. At the launch of the offer on Aug. 31, the issuer was offering to purchase for cash up to £100 million aggregate principal amount of bonds across both series.

The company will purchase £11.7 million of the 2025 bonds, subject to a scaling factor of 7.055%, at a purchase price of 92.06, based on a purchase yield of 7.69%.

The company will purchase £88,392,000 of the 2026 bonds, with no proration applied, at a purchase price of 95.52, based on a purchase yield of 8.063%.

Pricing was based on the 3.5% U.K. Treasury due Oct. 22, 2025 and a purchase spread of 245 basis points for the 2025 bonds and on the 0.125% U.K. Treasury due Jan. 30, 2026 and a purchase spread of 330 bps for the 2026 bonds.

The company will also pay accrued interest.

The offers expired at 11 a.m. ET on Sept. 7.

Indicative results were announced prior to the pricing time, and pricing was at 6 a.m. ET on Sept. 8.

Settlement is slated for Sept. 13.

Following settlement and cancellation of the bonds accepted for purchase, £338.3 million of the 2025 bonds and £211,608,000 of the 2026 bonds will remain outstanding.

The tender offers were conditioned on completion of an issuance of new bonds, which were issued on Sept 6. Hammerson separately announced on Friday that it sold a £100 million tap of its 7.25% bonds due 2028 to be consolidated and form a single series with its outstanding £200 million of 7.25% bonds due 2028 issued in 1998.

Lloyds Bank Corporate Markets plc (+44 20 7158 1719/1726; LBCMLiabilityManagement@lloydsbanking.com) and Mizuho International plc (+44 20 7090 6134; liabilitymanagement@uk.mizuho-sc.com) are dealer managers for the offers.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson / Alessandro Zorza; hammerson@is.kroll.com) is the tender agent.

Hammerson is a real estate investment trust based in London.

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