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LondonMetric Properties Plc - £380m Private Debt Placement

This content has been sourced from: https://www.investegate.co.uk/londonmetric/rns/-38...

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."