LondonMetric Property PLC LONDONMETRIC £150 MILLION PRIVATE PLACEMENT (0452L)
December 20 2018 - 2:00AM
UK Regulatory
TIDMLMP
RNS Number : 0452L
LondonMetric Property PLC
20 December 2018
20 December 2018
LONDONMETRIC PROPERTY PLC
LONDONMETRIC GBP150 MILLION PRIVATE PLACEMENT
LondonMetric Property Plc ("LondonMetric" or "Company" or
"Group") announces that it has entered into a GBP150 million
private placement at a blended fixed rate coupon of 3.5% and a
weighted average maturity of 12 years ("Private Placement").
The Private Placement was with five institutional investors in
four tranches:
-- GBP50 million Senior Notes due 2029;
-- GBP50 million Senior Notes due 2030;
-- GBP10 million Senior Notes due 2031; and
-- GBP40 million Senior Notes due 2034 ("Notes").
Draw down of the proceeds from the Private Placement will be
delayed until March 2019 and will be used to pay down part of the
Company's existing unsecured credit facility, which will remain
available to draw in full. The Notes have the same financial
covenants as the current private placement and unsecured debt
facilities.
The impact on the Group's key financial metrics had the Notes
been drawn in full on 30 September 2018 is shown below:
-- Weighted average debt maturity would have increased from 4.5 years to 6.3 years
-- Average cost of debt would have increased from 2.9% to 3.1%; and
-- Hedging on drawn debt would have increased from 77% to 97%.
Barclays was the sole placement agent
Martin McGann, Finance Director of LondonMetric, commented:
"We are very pleased to have received strong support from our
existing lenders and also from new lending relationships. The
Private Placement increases our average debt maturity
significantly, further diversifies our funding sources and gives us
greater flexibility for future re-financing."
This announcement is for informational purposes only and does
not constitute an offer or solicitation to sell the Notes or any
other securities in the Company or Group. The Notes have not been,
nor will they be, registered in the United States under the United
States Securities Act of 1933, as amended (the "Securities Act"),
or under any state securities laws, and may not be offered or sold
within the United States or to, or for the account or benefit of,
United States persons unless the Notes are registered under the
Securities Act or an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and
applicable state securities laws.
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Richard Gotla
Tel: +44 (0)20 3727 1000
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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