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Hammerson offers to buy up to £100 million of 2025, 2026 bonds
By Marisa Wong
Los Angeles, Aug. 31 – Hammerson plc has begun 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 a notice.
The issuer is offering to purchase for cash up to £100 million aggregate principal amount of bonds across both series.
Pricing will be 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 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 will expire at 11 a.m. ET on Sept. 7.
Indicative results will be announced prior to the pricing time, which will be at 6 a.m. ET on Sept. 8.
Settlement is slated for Sept. 13.
The company will determine the allocation of the amount accepted for purchase between the 2025 bonds and 2026 bonds at its discretion and reserves the right to accept significantly more or less (or none) of the bonds of one series as compared to the other series. In fact, the company may choose to accept only 2025 bonds or only 2026 bonds.
Tenders may be subject to proration.
The tender offers are conditioned on completion of an issuance of new bonds.
Hammerson announced on Thursday that it plans to issue £100 million of 7.25% bonds due 2028. The new bonds will be consolidated and form a single series with the company’s 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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