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Workspace to pay £60M to redeem outstanding 6% fixed-rate bonds due 2019

Workspace Group PLC will redeem £57.5 million of its 6.00% fixed-rate bonds that are outstanding and due Oct. 9, 2019, at an aggregate redemption price of roughly £60.4 million.

The price factored in a premium of about £2.9 million over the aggregate issue price of the bonds. Accrued interest as at Sept. 10 of £2.52 per £100 principal amount of the bonds will also be paid, according to an earlier report.

The diversified real estate investment trust will draw down on revolver facilities, which have an about 2% marginal interest cost, to finance the redemption.

Post-redemption, Workspace will cancel the listing of the bonds on the official list of the Financial Conduct Authority and their admission to trading on the London Stock Exchange's main market on or about Oct. 8.