LondonMetric Property PLC GBP380 MILLION PRIVATE DEBT PLACEMENT (4647T)
March 25 2021 - 2:00AM
UK Regulatory
TIDMLMP
RNS Number : 4647T
LondonMetric Property PLC
25 March 2021
25 March 2021
LONDONMETRIC PROPERTY PLC
LONDONMETRIC PRICES GBP380 MILLION PRIVATE DEBT PLACEMENT
LondonMetric Property Plc ("LondonMetric") announces that it has
priced a GBP380 million private debt placement with a number of
institutional investors in North America and the UK
("Placement").
The Placement, which was upsized from an initial GBP150 million
due to demand, is across a range of maturities as follows:
Term (years) Tranche size Coupon (%)
(GBPm)
7 135 2.06
12 135 2.34
15 60 2.45
15 50 2.43
The blended maturity is for 11.1 years and the blended coupon is
2.27%.
The GBP50 million tranche of 2.43% 15 year debt ("Green Notes")
is subject to a green framework under which spend will be allocated
to buildings which have high sustainability standards. The Green
Notes are priced 2 basis points inside the equivalent non green 15
year tranche and represents the first tranche of its kind announced
by a UK REIT.
The receipts will be used in due course to replace other
existing debt facilities as they approach maturity.
Martin McGann, Finance Director of LondonMetric, commented:
"The private placement market has given us access to
attractively priced, longer term debt from an increasingly
diversified lender base since our inaugural issue in 2016.
"We are delighted that investors have shown their continued
support for our logistics and long income strategy, as they have
priced our third private placement at a very attractive margin and
significantly helped to increase the average maturity of our
debt."
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann / Gareth Price
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Richard Gotla / Andrew Davis
Tel: +44 (0) 20 3727 1000
The notes have not been and will not be registered under the
Securities Act of 1933, as amended, or the securities laws of any
other jurisdiction, and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
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END
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