REG - SEGRO PLC - SEGRO PRICES €500 MILLION OF 8 YEAR BONDS

SEGROAnnouncement

18/09/2024 07:00

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RNS Number : 5959E  SEGRO PLC  18 September 2024

 

 

 

18 September 2024

 

SEGRO PRICES €500 MILLION OF 8 YEAR BONDS

SEGRO plc ('SEGRO') announces the pricing of a €500 million senior unsecured
bond issue for an eight-year term priced at 123 basis points above euro
mid-swaps with an annual coupon of 3.5 per cent.

The bond issuance was over six times subscribed at peak.

The proceeds of the issue will principally be used to refinance existing
indebtedness, with a focus on bank loans maturing in early 2026. As a result,
the average cost of debt (including joint venture debt at share) falls to 2.6
per cent (from 2.7 per cent at 30 June 2024) and the average duration
increases to 7.3 years (from 6.8 years at 30 June 2024).

Soumen Das, SEGRO Chief Financial Officer, commented:

"We appreciate the strong support that we have received from investors for the
new bond issue in achieving an attractive spread and all-in coupon. The bond
enhances our balance sheet, reducing our average cost of debt and extending
the average maturity."

ENDS

For further information, please contact:

Harry Stokes (Commercial Finance Director)

+44 (0) 20 7451 9124 / harry.stokes@segro.com

 

Gary Gaskarth (External Communications Manager)

+44 (0) 20 7451 9069 / gary.gaskarth@segro.com

 

Richard Sunderland / Eve Kirmatzis (FTI Consulting)

Tel: +44 (0) 20 3727 1000

 

About SEGRO

 

SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock
Exchange and Euronext Paris, and is a leading owner, manager and developer of
modern warehouses and industrial property. It owns or manages 10.8 million
square metres of space (116 million square feet) valued at £20.6 billion
serving customers from a wide range of industry sectors. Its properties are
located in and around major cities and at key transportation hubs in the UK
and in seven other European countries.

For over 100 years SEGRO has been creating the space that enables
extraordinary things to happen. From modern big box warehouses, used primarily
for regional, national and international distribution hubs, to urban
warehousing (including data centres) located close to major population centres
and business districts, it provides high-quality assets that allow its
customers to thrive.

A commitment to be a force for societal and environmental good is integral to
SEGRO's purpose and strategy. Its Responsible SEGRO framework focuses on three
long-term priorities where the company believes it can make the greatest
impact: Championing Low-Carbon Growth, Investing in Local Communities and
Environments and Nurturing Talent.

Striving for the highest standards of innovation, sustainable business
practices and enabling economic and societal prosperity underpins SEGRO's
ambition to be the best property company.

See www.SEGRO.com for further information.

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