SEGRO Plc announced the indicative results of its offers to purchase notes for cash across five series and raised the minimum acceptance amount to roughly £549.5 million from the £450.0 million limit previously set.
In accordance with the offers, approximately £220.7 million of the 6.750% notes due 2021 were tendered for repurchase, as well as roughly £110.9 million of the 7.000% notes due 2022; roughly £142.6 million of the 6.750% notes due 2024; and nearly £75.3 million of the 6.000% notes due 2019.
SEGRO does not intend to accept any of the 5.625% notes due 2020 tendered for purchase and will announce the final aggregate principal amount of notes of each series accepted as soon as "reasonably practicable" following pricing, scheduled at or around 11 a.m. London time on Oct. 4.
The purchase of the notes is conditional, among other things, upon the signing of a subscription agreement in relation to the planned issuance of new sterling-denominated fixed rate notes.
The tender offers are slated for settlement Oct. 11.
HSBC Bank Plc, Lloyds Bank Plc and Banco Santander SA serve as dealer managers, while The Royal Bank of Scotland Plc act as co-dealer manager and Lucid Issuer Services Ltd. as tender agent.