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Land Securities Reveals GBP730 Million Notes Tender Offer Uptake

LONDON (Alliance News) - Land Securities PLC said Thursday that it had seen a 20% uptake of its ...

Alliance News 7 December, 2017 | 10:20AM
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LONDON (Alliance News) - Land Securities PLC said Thursday that it had seen a 20% uptake of its tender offer to purchase a series of notes with a total principal value of over GBP730 million.

In late November, the commercial property investment company offered to purchase the notes up to a total of GBP694.4 million through a series of any-and-all and all-or-nothing offers.

In the November offer, Land Securities issued a tender offer to purchase notes for cash. The notes subject to an "any and all" offer were the Class A3 5.425% notes due in 2022, Class A4 5.391% notes due in 2026, Class A6 5.376% notes due in 2029 and A10 4.875% notes due in 2025.

The notes subject to the "all or nothing" offer were the Class A7 5.396% notes due in 2032 and A11 5.125% notes due in 2036. These also had a maximum tender offer of GBP500.0 million.

The indicative results from the any-and-all offer show GBP191,000 of the GBP46.6 million outstanding principal of the Class A3 notes, GBP1.5 million of the GBP22.3 million outstanding Class A4 notes, GBP13.6 million of the GBP97.4 million outstanding Class A6 notes, and GBP14.6 million of the GBP28.1 million outstanding Class A10 notes were tendered for purchase.

In total, around 15% of outstanding principal was offered under the any and all offer.

Indicative results for the all-or-nothing offer show GBP76.4 million of the GBP319.6 million outstanding Class A7 notes and GBP41.5 million of the GBP217.2 million outstanding Class A11 notes.

In total, around 22% of the outstanding principal under the all or nothing offer were tendered for purchase.

Land Securities said it would acquire all the tendered notes - totalling GBP147.8 million in principal - with a settlement date of Monday. The final aggregate amount of notes accepted for purchase would be issued by the company "as soon as reasonably practicable after the pricing time" which is due at 1300 GMT on Thursday.

Shares in Land Securities were 0.6% higher at 943.50 pence on Thursday.

By Ahren Lester; ahrenlester@alliancenews.com.

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Land Securities Group PLC 958.50 -
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