REG - Tritax Big Box REIT - Successful pricing of new £300m 7 year bond

Tritax Big Box REITAnnouncement

06/11/2025 07:00

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RNS Number : 3950G  Tritax Big Box REIT plc  06 November 2025

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Successful pricing of new £300m 7 year bond

 

Tritax Big Box REIT plc (the Company) is pleased to report that yesterday it
priced £300 million of unsecured bonds maturing on 12 November 2032 (the 2032
Notes) under the Company's £1.5 billion Euro Medium Term Note Programme (the
EMTN Programme). This follows a series of fixed income investor meetings which
generated substantial institutional demand.

 

Further strengthening the balance sheet

 

The 2032 Notes will have a tenor of 7 years and an interest rate of 4.75%,
priced at 85 basis points over the 7 year benchmark Gilt. The Company's
pro-forma weighted average cost of debt will be 3.7% and the pro-forma
weighted average debt maturity will increase to 4.3 years(1).

 

The 2032 Notes are expected to be rated A3 by Moody's Investors Service
Limited and are expected to (i) be issued on 12 November 2025 upon the
satisfaction or waiver of customary conditions precedent; and (ii) be admitted
to the Irish Stock Exchange's Official List and to trading on the Global
Exchange Market of the Irish Stock Exchange upon issue.

 

In parallel, the Company has initiated a tender offer to repurchase any and
all of its outstanding £250 million 2.625% unsecured bonds due 14 December
2026. The tender offer was launched on 3 November 2025 and the deadline for
receipt of tender instructions from noteholders is expected to expire at 4.00
p.m. (London Time) on 10 November 2025. These actions reflect the Company's
continued proactive management of its debt maturity profile.

Frankie Whitehead, CFO for Tritax Big Box REIT plc, commented:

"We are delighted with the strong investor demand for our latest bond
issuance, which validates the market's confidence in our strategy and
financial policies. The successful issuance, following on from our recent
upgrade to A3, allows us to secure attractive long-term financing at a
competitive cost. This transaction further strengthens our balance sheet,
extends our debt maturity profile, and enhances our financial flexibility to
continue executing on our growth strategy."

 

ABN AMRO, BNP PARIBAS and NatWest were mandated as active bookrunners in
connection with the 2032 Notes.

 

Lazard & Co., Limited provided financial advice to the Company in relation
to the financing transaction.

( )

(1 Assuming all current extension options are exercised)

 

For further information, please contact:

Tritax Big Box

Colin Godfrey,
CEO
            Tel: +44 (0) 20 8051 5060

Frankie Whitehead,
CFO
Email: bigboxir@tritax.co.uk (mailto:bigboxir@tritax.co.uk)

Ian Brown, Head of Corporate Strategy & Investor Relations

 

Kekst CNC

Tom Climie / Guy
Bates
            Tel: +44 (0) 7760 160 248 / +44 (0) 7581 056 415

Email: tritax@kekstcnc.com (mailto:tritax@kekstcnc.com)

 

Notes:

Tritax Big Box REIT plc (ticker: BBOX) is the largest listed investor in
high-quality logistics warehouse assets and controls the largest
logistics-focused land platform in the UK. Tritax Big Box is committed to
delivering attractive and sustainable returns for shareholders by investing in
and actively managing existing built investments and land suitable for
logistics development. The Company focuses on well-located, modern logistics
assets, typically let to institutional-grade clients on long-term leases with
upward-only rent reviews and geographic and client diversification throughout
the UK. Additionally, having adopted a "power first" approach, the Company has
recently secured its first 147MW data centre development opportunity, and a
further 1GW pipeline, offering the potential to deliver exceptional returns on
an accelerated basis.

The Company is a real estate investment trust to which Part 12 of the UK
Corporation Tax Act 2010 applies, is a constituent of the FTSE 250, FTSE
EPRA/NAREIT and MSCI indices and has its Ordinary Shares admitted to the
Official List of the UK Financial Conduct Authority.

The Company's LEI is: 213800L6X88MIYPVR714.

 

Further information on Tritax Big Box REIT is available at: tritaxbigbox.co.uk
(http://www.tritaxbigbox.co.uk/)

 

Disclaimer:

This announcement is for information purposes only and does not constitute, or
form part of, an offer to sell or a solicitation of an offer to buy any
securities in any jurisdiction.

The information contained in the Base Listing Particulars dated 29 October
2025 in respect of the EMTN Programme (as supplemented, the Base Listing
Particulars) and the Pricing Supplement (when published), may be addressed to
and/or targeted at persons who are residents of particular countries
(specified in the Base Listing Particulars and the Pricing Supplement) only
and is not intended for use and should not be relied upon by any person
outside these countries and/or to whom the Base Listing Particulars and the
Pricing Supplement are not addressed. Prior to relying on the information
contained in the Base Listing Particulars you must ascertain from the Base
Listing Particulars and the Pricing Supplement whether or not you are part of
the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above
requirement.

Neither this announcement nor the Base Listing Particulars constitute an offer
of securities for sale in the United States. The securities described in the
Base Listing Particulars have not been, and will not be, registered under the
U.S. Securities Act of 1933, as amended, or under any relevant securities laws
of any state of the United States of America and may not be offered, sold or
delivered in the United States of America or to, or for the account of or
benefit of, U.S. Persons, subject to certain limited exemptions.

Lazard & Co., Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting exclusively as financial
adviser to the Company and no one else in connection with the matters set out
herein and will not be responsible to anyone other than the Company for
providing the protections afforded to clients of Lazard & Co., Limited nor
for providing advice in relation to the 2032 Notes or any other matters
referred to in this announcement. Neither Lazard & Co., Limited nor any of
its affiliates owes or accepts any duty, liability or responsibility
whatsoever (whether direct or indirect, whether in contract, in tort, under
statute or otherwise) to any person who is not a client of Lazard & Co.,
Limited in connection with this announcement, any statement contained herein
or otherwise.

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