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Great Portland to privately place £100M worth of new notes

Great Portland Estates PLC is planning to issue £100 million worth of new notes via a U.S. private placement to finance the company's repurchase offer for £142.9 million worth of 5.63% debentures maturing in January 2029.

The notes will have a weighted average maturity of 12.1 years and a weighted average fixed rate coupon of roughly 2.8%.

The repurchase tender was launched in January and attained a take-up of approximately 85%, or nominal amount of £121.0 million, at a cash cost of £159.5 million, the company said in a release.

Lloyds Bank PLC and NatWest Markets are joint active agents for the note placement, while the former, along with Banco Santander SA, also served as the dealer manager for the repurchase offer.