Issue of Debt - Replacement

Issue of Debt - Replacement

SEGRO PLC

The issuer advises that the following replaces the Segro plc Issue of Equity announcement released at [10:00] BST today.

The release has been updated with the correct headline: Issue of Debt.

All other details remain unchanged.

The full corrected version is shown below.

€225 MILLION US PRIVATE PLACEMENT DEBT ISSUE

SEGRO plc (“SEGRO” or “the Company”) has arranged a US private placement of €225 million 15 and 20 year senior unsecured notes (the “Notes”) with a group of institutional investors.

The issue consists of two tranches, both of which will be drawn down in September 2022:

• €50 million at a fixed coupon of 3.87 per cent due 2037 (based on Euro mid-swap rate of 2.54 per cent and a spread of 133 bps); and
• €175 million at a fixed coupon of 4.14 per cent due 2042 (based on Euro mid-swap rate of 2.44 per cent and a spread of 170 bps).

This translates to a weighted average coupon of 4.08 per cent and a weighted average maturity of 18.9 years.

Pro forma for the position as at 31 May 2022, taking into account associated hedging and assuming that the debt is fully drawn, SEGRO’s average debt maturity (on a look-through basis) is 8.6 years (31 March 2022: 7.8 years) and the average cost of gross debt is 1.7 per cent (including joint ventures at share, excluding commitment fees and amortised costs) (31 March 2022: 1.6 per cent). The percentage of fixed rate debt is 76 per cent (31 March 2022: 66 per cent), or 93 per cent including interest rate caps (31 March 2022: 84 per cent).

The net proceeds from the new US Private Placement issue will be used for general corporate purposes and the Notes will rank pari passu with SEGRO’s existing unsecured bank, bond and US Private Placement debt.

Soumen Das, Chief Financial Officer of SEGRO, commented:

“The support we have received from our existing investors for our fourth US private placement debt issue is a further endorsement of the strategy we are pursuing at SEGRO, reflected particularly in the long duration of the new notes. It will have a marginal impact on the average cost of debt, while increasing the percentage of debt which is at fixed rates at a time of interest rate volatility.”

ENDS

For further information, please contact:

Soumen Das (Chief Financial Officer)

Tel: [phone] / [e-mail]

Harry Stokes (Commercial Finance Director)

Tel: [phone] / [e-mail]

Gary Gaskarth (External Communications Manager)

Tel: [phone] / [e-mail]

Richard Sunderland / Ellie Sweeney / Eve Kirmatzis (FTI Consulting)

Tel: [phone]

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 9.6 million square metres of space (103 million square feet) valued at £21.3 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 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.

See www.SEGRO.com for further information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220623005493/en/