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British Land prices repurchase offer for mortgage debenture bonds

Shortly after publishing the indicative results for its cash tender offer for two series of mortgage debenture bonds, British Land Co. Plc announced the final count and the pricing for the offers.

For the 5.0055% bonds due 2035, the company received and is accepting for tender £1.6 million of the outstanding £97.4 million at a final redemption price of 124.046% of the nominal amount plus accrued interest.

For the 5.357% bonds due 2028, British Land received and is accepting for tender £82.5 million of the outstanding £300.2 million at a final price of 125.173% of the nominal amount, along with accrued interest.

The settlement is scheduled Dec. 20.

Lloyds Bank plc and The Royal Bank of Scotland plc are the dealer managers for the offers, while Link Asset Services is acting as receiving agent. The Bank of New York Mellon London Branch is acting as tender agent.