Land Securities holders may tender £393.36 million 5.292% notes

By Susanna Moon

Chicago, Nov. 29 - LS Property Finance Co. Ltd. announced a tender offer for Land Securities Capital Markets plc's £393,357,000 of class A2 5.292% notes due 2015.

The purchase price will be based on the 4.5% U.K. Treasury gilt due March 2013 plus 140 basis points for the outstanding £391,515,000 principal amount of the notes.

Pricing for each £1,000 nominal amount of the notes will be set at 5 a.m. ET on Dec. 3.

The offer will end at noon ET on Dec. 2. It began on Nov. 25.

Settlement is expected to occur on Dec. 8.

The offer is "part of the company's commitment to actively manage its balance sheet," according to a company press release.

The dealer managers are BNP Paribas (+44 0 20 7595 8668, attn: liability management group, e-mail liability.management@bnpparibas.com), Lloyds TSB Bank plc (+44 0 20 7158 3981, attn: liability management or e-mail liability.management@lloydsbanking.com) and Royal Bank of Scotland plc (+44 020 7085 8056/5991, attn: Andrew Burton/Ally Richardson, e-mail: liabilitymanagement@rbs.com).

Deutsche Bank AG, London Branch (+44 0 20 7547 5000, attn: debt and equity restructuring services or e-mail: xchange.offer@db.com) is the tender agent.

Land Securities is a London-based real estate investment trust.

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