Landsec's Land Securities PLC subsidiary tendered approximately £398.4 million of roughly £583.0 million worth of outstanding 5.391% class A5 notes, £88.2 million of roughly £243.3 million of outstanding 5.396% class A7 notes and £119.3 million of approximately £175.7 million of outstanding 5.125% class A11 notes.
The notes are due March 2027, July 2032 and February 2036, respectively.
The tender offers were launched earlier in March by Land Securities PLC to the holders of bonds issued by Land Securities Capital Markets PLC.
The roughly £398.4 million of 5.391% class A5 notes tendered under the offer will be bought at a 122.694% purchase price, representing a 65 basis points purchase spread and 1.914% purchase yield, according to a release.
Additionally, approximately £88.2 million of the 5.396% class A7 notes and £119.3 million of the 5.125% class A11 notes tendered will be repurchased at 133.839% and 137.060%, respectively, marking a purchase spread of 60 basis points. The separate deals stand to generate respective purchase yields of 2.242% and 2.319%.
Accrued interest, per £1,000-denominated bond, on the class A5, class A7 and class A11 notes totals £26.66, £8.50 and £7.08, respectively.
The offer is pending the pricing and subscription agreement for the issuance of a new nine-year, sterling-denominated, fixed-rate benchmark bond. Landsec expects to settle the tender offer March 29.
Lloyds Bank PLC and The Royal Bank of Scotland PLC are serving as dealer managers, while Citibank NA, London Branch is acting as the tender agent.