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Landsec unit launches tender offers to purchase notes

Landsec's Land Securities PLC subsidiary launched separate cash tender offers to purchase notes under three series of its bonds, subject to certain conditions.

Invitations were launched to the holders of Land Securities Capital Markets PLC's roughly £583.0 million worth of outstanding 5.391% class A5 notes due March 2027, roughly £243.3 million of outstanding 5.396% class A7 notes due July 2032 and about £175.7 million of outstanding 5.125% class A11 notes due February 2036.

The offers will expire March 23, unless extended, reopened or terminated by Land Securities. Pricing is expected on or around March 26.

Additionally, Landsec intends to issue a new nine-year, sterling-denominated, fixed-rate benchmark bond.

Settlement of both the tender and the new issuance is expected on or around March 29.