Re: Bond Issue
Land Securities Group Plc
04 November 2004
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES
4 November 2004
LAND SECURITIES GROUP PLC ('LAND SECURITIES' / 'GROUP') ANNOUNCES SUCCESSFUL
COMPLETION OF DEBT REFINANCING
Land Securities Group PLC has today successfully completed the refinancing of
the Group's mortgage debentures and unsecured bonds (together the 'Notes').
Following the initial announcement of the Group's proposed refinancing on 27
September and the subsequent announcements on 22 and 26 October 2004 in relation
to the pricing and voting levels for the Notes, the new funding structure is
comprised of bonds and bank debt in the following amounts:
Note Nominal Value Expected Legal final New
Maturity Maturity coupon
Class A1 £181,700,000 2007 2007 5.016%
Class A2 £393,357,000 2013 2015 5.292%
Class A3 £257,268,000 2020 2022 5.425%
Class A4 £210,675,000 2024 2026 5.391%
Class A5 £613,918,000 2025 2027 5.391%
Class A6 £317,960,000 2027 2029 5.376%
Class A7 £323,410,000 2030 2032 5.396%
_____________ _______
Total nominal amount £2,298,288,000 Weighted average coupon: 5.35%
Bank facility drawing: £960,000,000
_____________
Total Secured Group debt: £3,258,288,000
============
Note: The £37.7m nominal of private debentures have been redeemed.
This will be supported by approximately £6.2bn of assets.
Francis Salway, Group Chief Executive, commented:
'We are delighted with the positive response that the proposals have received in
the market, achieving an average acceptance rate of over 97%. With reduced
funding costs and enhanced operational flexibility, we believe that our
financing structure is well placed to support the Group's strategy.'
For further information, please contact:
Land Securities
+44 20 7413 9000
Francis Salway
Group Chief Executive
Andrew Macfarlane
Group Finance Director
Emma Denne
Director of Corporate Communication
Financial Dynamics
+44 20 7813 3113
Stephanie Highett/ Jonathon Brill
Notes to Editors
Further details of the refinancing can be found in the press release dated 27
September 2004 ('Land Securities Refinances Debt').
Important Notice
No offer or invitation to acquire or exchange any securities or proposals to
Existing Noteholders is being made pursuant to this press release. Any such
offer, invitation or proposals are only being made in the Offer Document and any
such acquisition or exchange or acceptance of such proposals should be made
solely on the basis of information contained in the Offer Document. A copy of
the Offer Document is available at the offices of Citigroup Global Markets
Limited at Canada Square, Canary Wharf, London E14 5LB.
This press release is not an offer of securities for sale in the United States.
The new bonds to be issued under the new structure have not been and will not be
registered under the United States Securities Act of 1933, as amended (the
'Securities Act') and may not be offered or sold 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 ('Regulation S')), except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of the Securities
Act. Accordingly, the new bonds will be offered and sold only (A) to Qualified
Institutional Buyers in reliance on the exemption from the registration
requirements of the Securities Act provided by Rule 144A under the Securities
Act and (B) outside the United States to non-U.S. Persons in compliance with
Regulation S.
This information is provided by RNS
The company news service from the London Stock Exchange
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