£380 MILLION PRIVATE DEBT PLACEMENT
25 March 2021
LONDONMETRIC PROPERTY PLC
LONDONMETRIC PRICES £380 MILLION PRIVATE DEBT PLACEMENT
LondonMetric Property Plc ("LondonMetric") announces that it has priced a £380 million private debt placement with a number of institutional investors in North America and the UK ("Placement").
The Placement, which was upsized from an initial £150 million due to demand, is across a range of maturities as follows:
|
Term (years) |
Tranche size (£m) |
Coupon (%) |
|
7 |
135 |
2.06 |
|
12 |
135 |
2.34 |
|
15 |
60 |
2.45 |
|
15 |
50 |
2.43 |
The blended maturity is for 11.1 years and the blended coupon is 2.27%.
The £50 million tranche of 2.43% 15 year debt ("Green Notes") is subject to a green framework under which spend will be allocated to buildings which have high sustainability standards. The Green Notes are priced 2 basis points inside the equivalent non green 15 year tranche and represents the first tranche of its kind announced by a UK REIT.
The receipts will be used in due course to replace other existing debt facilities as they approach maturity.
Martin McGann, Finance Director of LondonMetric, commented:
"The private placement market has given us access to attractively priced, longer term debt from an increasingly diversified lender base since our inaugural issue in 2016.
"We are delighted that investors have shown their continued support for our logistics and long income strategy, as they have priced our third private placement at a very attractive margin and significantly helped to increase the average maturity of our debt."
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann / Gareth Price
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Richard Gotla / Andrew Davis
Tel: +44 (0) 20 3727 1000
The notes have not been and will not be registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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