Land Securities Group Plc launched tender offers to purchase four series of its bonds for cash.
The tender offers are specifically for the company's £255.3 million in 5.425% notes due March 31, 2020; £185.9 million in 5.391% notes due Feb. 27, 2024; £583.0 million in 5.391% bonds due March 31, 2025; and £298.0 million in 4.875% bonds due Sept. 29, 2023.
The tender offer will end Jan. 31, unless extended, amended or terminated early, according to a company release.
Through the offer, the company expects to provide liquidity to bondholders and proactively manage its balance sheet. Since June 2010, the company has purchased or redeemed almost £1 billion of its bonds ahead of their scheduled maturity dates.
Land Securities also said it intends to issue two series of new sterling-denominated, fixed-rate notes. Further details on the price of the tender offer and the new issuance will be issued Feb. 1.