Hammerson Issues £100m Bond Tap
Hammerson plc ("Hammerson" or the "Company")
31 August 2023
Hammerson issues £100m bond tap of existing £200m bonds maturing 2028
Hammerson announces that further to direct demand for Hammerson bonds, it has priced a £100m increase (or "tap") of its existing £200m 7.25% coupon bonds maturing in 2028, resulting in an outstanding notional of £300m1. The new bonds will have the same terms and conditions as the existing bonds. The new bonds will be placed with an existing large institutional investor.
Hammerson will use the proceeds for general corporate purposes including a tender offer for its £350m 3.5% bonds maturing in 2025 and £300m 6.0% bonds maturing in 2026 that has been announced earlier today.
The prospectus for the new bonds, when published, will be available on Hammerson's website (www.hammerson.com/investors/shareholder-information/debt-investors) and a copy will be submitted to the National Storage Mechanism and available to the public for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanismon.
Notes:
1. Subject to the signing of the subscription agreement
IMPORTANT DISCLAIMER: This announcement does not constitute an offer of any securities for sale (including, without limitation, the new bonds). The offer and sale of the new bonds may be restricted by law in certain jurisdictions. This announcement is not for release, publication or distribution in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.
The new bonds are not being, and will not be, offered or sold in the United States of America (including its territories and possessions, any state of the United States of America and the District of Columbia) (the "United States"). Nothing in this document 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.
Compliance information for the new bonds: No EU PRIIPs KID - eligible counterparties and professional clients only (all distribution channels). No sales to EEA retail investors; no key information document in respect of the EEA has been or will be prepared. UK MiFIR professionals/ECPs only/No UK PRIIPs KID - eligible counterparties and professional clients only (all distribution channels). No sales to UK retail investors; no key information document in respect of the UK has been or will be prepared.
No action has been taken or will be taken in any jurisdiction in relation to the new bonds to permit a public offering of securities.
ENDS
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
Hammerson Media Contacts
Natalie Gunson, Group Communications Director, Hammerson
T: +44 (0) 20 7887 4672 E: natalie.gunson@hammerson.com
MHP for Hammerson
Ollie Hoare and Charles Hirst
T: +44 (0)20 3128 8100 E: Hammerson@mhpgroup.com
Notes to editors
Hammerson has ratings of BBB (issuer default rating) from Fitch Ratings Limited ("Fitch") and Baa3 (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 Baa3 rating by Moody's. Morgan Stanley are acting as Sole Lead Manager on the issuance of the new bonds. Lloyds Bank Corporate Markets and Mizuho are acting as dealer managers on the tender offer referred to herein.
About Hammerson
Hammerson is a cities business. An owner, operator and developer of prime urban real estate, with a portfolio value of £4.7billion (as at 30 June 2023), in some of the fastest growing cities in the UK, Ireland and France.
Our portfolio and adjacent lands leverage our experience and capabilities to create and manage exceptional city centre destinations with the opportunity to drive value and reshape entire neighbourhoods.
Our assets are high profile and play an important role in our communities, welcoming more than 215 million visitors each year and supporting 20,000+ jobs though our retail, dining and social occupiers.
These destinations include Bullring in Birmingham, The Oracle in Reading, Dundrum Estate, Dublin and Terraces du Port in Marseille. We also hold investments in Value Retail, best-in-class villages such as Bicester Village, Oxfordshire.
Hammerson also holds 100 acres of attractive pre-development and strategic land. This includes complementary adjacent land, creating optionality to enhance both the scale and diversity of the existing estate, and stand-alone land opportunities. These include Martineau Galleries in Birmingham and Bishopsgate Goodsyard, Shoreditch.
This announcement has also been released on the SENS system of the Johannesburg Stock Exchange and on Euronext Dublin.
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