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Land Securities to issue its 1st new bonds since 2007

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Land Securities to issue its 1st new bonds since 2007

Land Securities Group Plc will issue £700 million in bonds through two series, marking the first new bonds out of the company's secured debt structure since 2007.

The £400 million bond series is expected to have a seven-year term and a 1.974% coupon, while the £300 million bonds issue will have an expected maturity of 12 years and a 2.399% coupon. Land Securities Capital Markets PLC is the issuer.

Referring to the new bonds, the company's CFO Martin Greenslade said in a statement that the company is pleased with the interest level from investors as the developer embarks on funding options for "a future phase of net investment."

Meanwhile, Land Securities PLC released the indicative results for its cash tender offer for four series of bonds. Only three of the four bond series were validly tendered, as of Feb. 2, which amounted to roughly £634.7 million. Land Securities will pay £759.1 million in cash for the bonds on Feb. 8, subject to certain conditions.