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Great Portland Estates gets retail tenders for £15,000 5.625% bonds
By Susanna Moon
Chicago, Feb. 16 Great Portland Estates plc said holders had tendered £15,000 of its £142.86 million outstanding 5.625% first mortgage debenture stock due 2029 since the non-retail tender deadline.
For retail investors, the offer ended at noon ET on Feb. 15 with settlement set for Feb. 22.
After the settlement, £21,892,861 principal amount of the bonds will remain outstanding, according to a company update on Friday.
The company said on Feb. 2 that holders had tendered £120,952,139 of the 5.625% bonds in the non-retail tender.
The purchase price is 131.884% of par, which was set using a benchmark rate of 1.636% and purchase yield of 2.316%.
Pricing was set at 5 a.m. ET on Feb. 2 using the 6% U.K. Treasury gilt due Dec. 7, 2028 plus 68 basis points.
As announced Jan. 25, a retail investor is one who holds less than £100,000 principal amount of the bonds and whose ordinary activities do not involve that person buying, selling, subscribing for or underwriting instruments such as the bonds, the release noted.
Banco Santander, SA (+44 20 7756 6909, +44 20 7756 6646, tommaso.grospietro@santandergcb.com or king.cheung@santandergcb.com) and Lloyds Bank plc (+44 20 7158 1721 or liability.management@lloydsbanking.com) are the dealer managers. Link Asset Services (+44 37 1664 0321), a trading name of Link Market Services Ltd., is the receiving agent.
Of the £150 million of notes issued, £100 million was issued Jan. 26, 1999 and another £50 million was issued Jan. 31 and consolidated to form a single series with the original issue.
The offer is intended to proactively manage the offeror's capital structure and reduce interest expense, according to a previous release.
Great Portland is a property investment and development company based in London.
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