Hammerson begins tender offers for notes due 2022, 2023

Chicago, May 20 – Hammerson plc started cash tender offers for two series of notes, the company announced on Thursday.

The company is offering to buy any and all of its €500 million outstanding 2% bonds due July 1, 2022 (ISIN: XS1081656180). Pricing is based on the 2022 interpolated mid-swap rate with no spread above the benchmark rate. The price will be determined at 9 a.m. ET on June 1.

Additionally, the company is offering to purchase notes from the €500 million outstanding 1.75% notes due March 15, 2023 (ISIN: XS1379158550). The offer is expected to be capped, with the maximum purchase amount based on the pricing of a new offering of notes. The 2023 notes have a proposed consideration of 102.926 if the settlement date is June 3. The purchase yield is negative 0.15%.

Tenders for the 2023 notes may be subject to proration.

Interest to the settlement date will be paid for all tendered notes.

The offers are subject to a new financing condition.

Tendering noteholders may be given preference in the allocation of the new notes.

The company expects to redeem all 2022 notes not tendered on a redemption date following the settlement date. The notes would be redeemed with a make-whole call redemption amount at the mid-swap rate with no spread.

Tender instructions are due by 11 a.m. ET on May 28.

Indicative results will be announced before pricing on June 1.

Settlement is scheduled for June 3.

Barclays (+44 20 3134 8515, eu.lm@barclays.com), BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), J.P. Morgan Securities plc (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com) and MUFG Securities EMEA plc (+44 20 7577 4218, liability.management@mufgsecurities.com) are dealer managers for the offer.

Lucid Issuer Services Ltd. (+44 20 7704 0880, hammerson@lucid-is.com) is the information and tender agent.

Hammerson is a real estate investment trust based in London.

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