REG - Hammerson PLC - Issue of Debt <Origin Href="QuoteRef">HMSO.L</Origin>

HammersonAnnouncement

08/03/2016 16:50

RNS Number : 4580R
Hammerson PLC
08 March 2016
Hammerson plc ('Hammerson')
Bond 
8 March 2016
Successful launch of EUR500 million 2023 bond with 1.75% coupon
Hammerson announces the successful launch and pricing of a seven year, EUR500m (approximately 390m) bond maturing 2023. The bond was priced at 157 basis points over the euro mid swap rate and has an annual coupon of 1.75%. The issue was significantly oversubscribed and placed with investors from UK, France, Germany, Belgium and fifteen other European countries.
The proceeds of the issue will be used to part refinance bank facilities raised for the recent investments in Dublin and Birmingham. Following this new issue the overall loan to value ratio of the Group will remain in line with our previously stated guidelines.
Hammerson's senior unsecured debt is rated Baa1 (stable) by Moodys and A- (stable) by Fitch. Barclays, Deutsche Bank, J.P. Morgan, MUFG, BNP Paribas, HSBC, Lloyds Bank, The Royal Bank of Scotland and Santander acted as joint bookrunners.
Timon Drakesmith, CFO of Hammerson, said: "We were encouraged with the participation of our euro fixed income investor base and having issued a 350 million sterling bond last year it was pleasing to accommodate demand for a euro issue. This long term finance fixes low rates of interest and supports the investment returns from our recent acquisitions."
For more information please contact:
Timon Drakesmith, Chief Financial Officer
Tel: +44 (0) 20 7887 1000
Richard Sharp, Group Treasurer
Tel: +44 (0) 20 7887 1000

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