TIDMWKP
RNS Number : 2420R
Workspace Group PLC
04 March 2021
THIS ANNOUNCEMENT IS NOT FOR PUBLICATION, DISTRIBUTION OR
RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA OR
IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE
PROHIBITED BY APPLICABLE LAW
4 March 2021
WORKSPACE GROUP PLC
Workspace Prices First Green Bond
GBP 300m at 2.25 per cent. Guaranteed Green Bond due 2028
Workspace Group PLC (the "Company") is pleased to announce the
pricing of its first Green bond, a sterling-denominated senior
unsecured guaranteed green bond issuance in an aggregate principal
amount of GBP300 million and for a term of seven years (the
"Bonds"). The Bonds will bear interest at a rate of 2.25 per cent
per annum. This follows a series of fixed income investor meetings
which generated strong institutional demand.
The Bonds will be issued by the Company and guaranteed by a
number of the Company's subsidiaries. S&P Global Ratings UK
Limited is expected to assign a rating of BBB to the bonds. It is
intended that the Bonds will be admitted to the Official List of
the Irish Stock Exchange plc trading as Euronext Dublin ("Euronext
Dublin") and to trading on The Global Exchange Market of Euronext
Dublin.
Following the issuance of the Bonds, the Company's weighted
average debt facility maturity will increase from 3.9 years to 4.9
years and its weighted average cost of debt will reduce to 3.6 per
cent on a pro forma basis.
The Bonds are to be issued in connection with the Company's new
green finance framework (the "Green Finance Framework"), in line
with Workspace's ESG 'Doing the Right Thing' strategy and its
recently published net zero carbon pathway. The proceeds will be
used to finance or refinance eligible green refurbishment and
redevelopment projects, reinforcing the key role Workspace plays in
the employment-led regeneration of areas across London as a
long-term owner of historic and character buildings in the
capital.
Workspace's Green Finance Framework has received a second party
opinion from DNV GL, an external environmental, social and
corporate governance research and analysis provider, confirming its
alignment with the International Capital Market Association's Green
Bond Principles (the "Second Party Opinion"). Both the Green
Finance Framework and the Second Party Opinion are available on the
Company's website at:
https://www2.workspace.co.uk/investors/doing-the-right-thing/introduction
Dave Benson, Chief Financial Officer, Workspace Group PLC,
commented:
"We are delighted by the strong level of institutional demand
for our first green bond issuance. This illustrates that
fixed-income investors recognise the resilience of our business
model and the enduring appeal of our unique offering of high
quality, flexible workspace for London-based small and medium-sized
businesses. This bond, which further strengthens our balance sheet,
is the first issued under our Green Finance Framework, which will
continue to be a core pillar of our financial strategy and
underscores our commitment to sustainable investment and
development practices."
Karen Jamison, Head of Sustainability, Workspace Group PLC,
commented:
"We acknowledge the climate emergency that we are all facing and
the role that we have to play as an owner and operator of London
office space to reduce carbon emissions. We are making significant
progress towards our commitment to becoming a net zero carbon
business by 2030 and this inaugural green bond issuance will
support our work to create energy efficient buildings. It will also
further our social strategy which is focused on the employment-led
regeneration of London, bringing more employment to emerging
areas."
Banco Santander, S.A. and NatWest Markets Plc acted as joint
lead managers and joint green structuring advisers. Rothschild
& Co acted as independent financial adviser on the Bonds and
the credit rating.
- ENDS -
For further information, please contact:
Workspace Group PLC
Dave Benson, Chief Financial Officer 020 7369 2254
Clare Marland, Head of Corporate Communications 07795 622392
Finsbury
James Bradley 07500 616161
Chris Ryall 07342 713748
About Workspace Group PLC:
Established in 1987, and listed on the London Stock Exchange
since 1993, Workspace owns and manages some 4 million sq. ft. of
business space in London. We are home to London's brightest
businesses, including fast growing and established brands across a
wide range of sectors. Workspace is geared towards helping
businesses perform at their very best. We provide inspiring,
flexible work spaces in dynamic London locations.
Workspace (WKP) is a FTSE 250 listed Real Estate Investment
Trust (REIT) and a member of the European Public Real Estate
Association (EPRA).
Workspace(R) is a registered trademark of Workspace Group PLC,
London, UK.
LEI: 2138003GUZRFIN3UT430
For more information on Workspace, please visit
www.workspace.co.uk
DISCLAIMER - INTENDED ADDRESSEES
This announcement may be addressed to and/or targeted at persons
who are residents of particular countries (specified in the listing
particulars to be published on or shortly after the date of this
announcement, including all documents incorporated thereto by
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outside these countries and/or to whom the offer contained in the
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contained therein.
Your right to access this service is conditional upon complying
with the above requirement.
This announcement does not constitute an offer of securities for
sale in the United States of America (the "U.S."). The Bonds have
not been, and will not be, registered under the U.S. Securities Act
of 1933, as amended (the "Securities Act"), or under any relevant
securities laws of any state of the U.S., and may not be offered or
sold to U.S. persons or to persons within the U.S., except pursuant
to an exemption from the Securities Act. For a further description
of certain restrictions on offers and sales of the Bonds, see the
"Subscription and Sale" section in the Listing Particulars.
No offer or invitation to acquire any securities is being made
pursuant to this announcement.
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