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Shaftesbury unit issues £285M guaranteed first mortgage bonds

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Shaftesbury unit issues £285M guaranteed first mortgage bonds

Shaftesbury PLC's wholly owned unit Shaftesbury Carnaby PLC issued £285 million of guaranteed first mortgage bonds.

The bonds, secured on properties held by the unit, carry a coupon of 2.487% and mature in September 2031. They have an unsecured guarantee from the company.

Shaftesbury's existing approximately £61 million 8.5% first mortgage debenture stock due 2024 was fully redeemed upon issue of the bonds. The premium for redeeming the stock was approximately £31.1 million, resulting in an 11 pence per share reduction in the company's EPRA NAV.

The net proceeds of the bonds issue totaled about £189.4 million.

The bonds are expected to be listed on the Official List of the Financial Conduct Authority and commence trading on the Main Market of the London Stock Exchange on Oct. 10.

The company said it intends to use a portion of the proceeds over time to cancel interest rate swaps with a notional principal of up to £55 million, reducing its blended cost of debt.

Invesco Asset Management Ltd. acquired approximately £27.4 million of new first mortgage bonds as agent for and on behalf of its discretionary managed clients.

IDCM Ltd. and Lloyds Bank plc served as managers for the bond issue.