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Land Securities buys £605.97 million tendered class A5, A7, A11 notes
New York, March 26 – Land Securities Group plc said that wholly owned subsidiary Land Securities plc received tenders for a total of £605.97 million of notes from three series and will purchase all those valid tenders.
The company also set pricing on the tender, according to an announcement.
Notes will be bought as follows:
• £398.39 million of the £582,979,000 of outstanding 5.391% class A5 notes due March 2027 with a step-up date of March 31, 2025. The purchase price is 122.694% of par, set using the 5% U.K. Treasury due March 2025 plus 65 basis points;
• £88,238,000 of the £243,274,000 of outstanding 5.396% class A7 notes due July 2032 with a step-up date of July 31, 2030. The purchase price is 133.839% of par, set using the 4.75% U.K. Treasury due December 2030 plus 60 bps; and
• £119,341,000 of the £175,732,000 of outstanding 5.125% class A11 notes due February 2036 with a step-up date of Feb. 7, 2034. The purchase price is 137.060% of par, set using the 4.5% U.K. Treasury due September 2034 plus 60 bps.
Settlement is planned for March 29.
Land Securities began the three separate tender offers on March 16.
The tender ended at 1 p.m. ET on March 23, and pricing was set at 7 a.m. ET on March 26.
Land Securities said it is making the offers to provide liquidity to noteholders and to proactively manage the group’s balance sheet.
Lloyds Bank plc (+44 20 7158 1721 or liability.management@lloydsbanking.com) and Royal Bank of Scotland plc, trading as NatWest Markets, (+44 20 7678 5282 or liabilitymanagement@natwestmarkets.com) are the dealer managers. Citibank, NA, London Branch (+44 20 7508 3867 or Citiexchanges@citi.com) is the tender agent.
Land Securities is a commercial property company based in London.
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