Hammerson announces pricing of 12-year £400m bond
Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE and Euronext Dublin share code: HMSO JSE share code: HMN
ISIN: GB00BRJQ8J25
("Hammerson" or the "Company")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE UNITED STATES) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
3 October 2024
Hammerson announces successful pricing of 12-year £400m bond issuance
Hammerson announces it has successfully launched and priced a £400m bond with a maturity of 12 years, paying a coupon of 5.875 per cent. the ("New Bonds"), which will be issued on 8 October 2024, subject to final legal documentation and customary closing conditions.
At its peak the order book was in excess of £2.6bn.
The proceeds of the New Bonds will be used to support the Company's growth strategy and refinance Hammerson's outstanding: (i) £300,000,000 6.00 per cent. bonds due 2026; (ii) £300,000,000 7.25 per cent. bonds due 2028; and (iii) £350,000,000 3.500 per cent. bonds due 2025.
Himanshu Raja, CFO of Hammerson plc, commented:
"We are delighted with the strong demand for our 12-year £400m bond which was 7x oversubscribed at the peak. Investors recognise that this is an exciting new era for Hammerson, focused on accelerating growth whilst maintaining our operational grip and financial discipline."
The New Bonds have been issued under Hammerson's newly established EMTN programme, the base prospectus for which is available on Hammerson's website (www.hammerson.com/investors/shareholder-information/debt-investors) and available to the public for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanismon.
Hammerson has ratings of BBB (positive) (issuer default rating) and senior unsecured debt rating at BBB+ from Fitch Ratings Limited ("Fitch") and Baa2 (long term debt) from Moody's Investors Services Limited ("Moody's"). The New Bonds are expected to be assigned a BBB+ rating by Fitch and a Baa2 rating by Moody's. Barclays, BNP Paribas, Lloyds and Mizuho are acting as Active Bookrunners on the issuance of the New Bonds.
Enquiries
Richard Sharp, Director of Treasury, Tax and Insurance
Tel: + 44 (0) 207 887 1119 E:richard.sharp@hammerson.com
Hammerson Investor Contacts
Josh Warren, Director of Strategy, Commercial Finance and Investor Relations
T: +44 (0) 20 7887 1053 E: josh.warren@hammerson.com
MHP for Hammerson Media
Ollie Hoare and Charles Hirst
T: +44 (0)20 3128 8100 E: Hammerson@mhpgroup.com
IMPORTANT DISCLAIMER: This announcement does not constitute or form part of an offer to sell or the solicitation of an offer to sell or subscribe for or otherwise acquire any securities (including, without limitation, the New Bonds). Any investment decision to purchase any New Bonds should be made solely on the basis of the information contained in (i) the base prospectus dated 26 September 2024 published by the Company relating to the EMTN programme of the Company (the "Prospectus") and (ii) the final terms to be published by the Company relating to the New Bonds, and no reliance is to be placed on any information given or any representations made in connection with the New Bonds other than those contained in the Prospectus and the final terms to be published by the Company relating to the New Bonds. This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. The Prospectus is available, and the final terms will, when published, be available on the website of the Issuer at https://www.hammerson.com/investors/debt-investors.
The New Bonds are not being, and will not be, offered or sold in the United States. Nothing in this announcement constitutes an offer to sell or the solicitation of an offer to buy the New Bonds in the United States or any other jurisdiction. Securities may not be offered, sold or delivered in the United States absent registration under, or an exemption from the registration requirements of, the Securities Act. The New Bonds have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act).
No action has been or will be taken in any jurisdiction in relation to the new bonds to permit a public offering of securities.
This announcement is directed only at (i) persons who are outside the United Kingdom (the "UK"), or (ii) persons who are in the UK who are (a) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (b) otherwise, persons to whom this announcement may lawfully be communicated pursuant to the Order (all such persons together being referred to as "relevant persons"). This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons. This electronic transmission may only be communicated to persons in the UK in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply to the Issuer.
Credit ratings referred to in this communication should not be taken as recommendations by a rating agency to buy, sell or hold the New Bonds. They may be revised, suspended or withdrawn at any time by the relevant rating agency.
Compliance information for the New Bonds:
UK MiFIR - professionals/ECPs-only / No PRIIPs or UK PRIIPs KID - Manufacturer target market is eligible counterparties and professional clients only (all distribution channels). No key information document (KID) under Regulation (EU) No 1286/2014 or Regulation (EU) No 1286/2014 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 has been or will be prepared as the New Bonds are not available to retail investors in the European Economic Area or the United Kingdom. Relevant stabilisation regulations including FCA/ICMA will apply.
ENDS
Notes to editors
This announcement has also been released on the SENS system of the Johannesburg Stock Exchange and on Euronext Dublin.
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