Land Securities tenders for up to £200 million of six series of notes

By Sarah Lizee

Olympia, Wash., Jan. 28 – Land Securities Group plc subsidiary Land Securities plc launched separate offers to purchase up to £200 million of six series of notes issued by Land Securities Capital Markets plc, according to an announcement.

The following notes are included in the offer:

• £21,522,000 of 5.391% class A4 notes with a step-up date of Feb. 27, 2024 (ISIN: XS0204778905) with pricing to be set using the 1% U.K. Treasury due April 2024 plus a purchase spread of 65 basis points;

• £186,055,000 of 5.391% class A5 notes with a step-up date of March 31, 2025 (ISIN: XS0204779465) with pricing to be set using the 5% U.K. Treasury due March 2025 plus a purchase spread of 65 bps;

• £76,461,000 of 5.376% class A6 notes with a step-up date of Sept. 30, 2027 (ISIN: XS0204780125) with pricing to be set using the 1.25% U.K. Treasury due July 2027 plus a purchase spread of 65 bps;

• £155,781,500 of 5.396% class A7 notes with a step-up date of July 31, 2030 (ISIN: XS0204780554) with pricing to be set using the 4.75% U.K. Treasury due December 2030 plus a purchase spread of 55 bps;

• £13.5 million of 4.875% class A10 notes with a step-up date of Sept. 29, 2023 (ISIN: XS0269067095) with pricing to be set using the 2.25% U.K. Treasury due September 2023 plus a purchase spread of 50 bps; and

• £56,391,000 of 5.125% class A11 notes with a step-up date of Feb. 7, 2034 (ISIN: XS0286155071) with pricing to be set using the 4.5% U.K. Treasury due September 2034 plus a purchase spread of 80 bps.

The offers will expire at 11 a.m. ET on Feb. 5.

Pricing will be determined at 6 a.m. ET on Feb. 6.

Settlement is expected for Feb. 10.

The purchase price will equal the value of all remaining payments of principal and interest on the relevant notes up to and including the step-up date, discounted to the tender offer settlement date at a discount rate equal to the relevant purchase yield, minus accrued interest.

Tendered notes may be subject to pro rata scaling.

Land Securities said the purpose of the offer is to manage its balance sheet and provide liquidity to investors.

HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com) is acting as dealer manager and Lucid Issuer Services Ltd. (+44 20 7704 0880; landsecurities@lucid-is.com) is acting as tender agent.

Land Securities is a commercial property company based in London.

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