Capital & Counties Properties Plc £175m US Private Placement debt for Covent Garden (7451K)
26 September 2016 - 4:00PM
UK Regulatory
TIDMCAPC
RNS Number : 7451K
Capital & Counties Properties Plc
26 September 2016
26 September 2016
CAPITAL & COUNTIES PROPERTIES PLC ("Capco")
GBP175 million US Private Placement debt for Covent Garden
Capco announces that Covent Garden Group Holdings Limited, the
holding company for Capco's Covent Garden assets and a wholly owned
subsidiary of Capco, has signed an agreement with five US
institutional investors for a private placement of GBP175 million
10 year and 12 year senior unsecured notes.
The issue consists of two tranches: GBP125 million at a fixed
coupon of 2.28% due 2026 and GBP50 million at a fixed coupon of
2.37% due 2028. The proceeds will strengthen the Group's capital
structure and provide greater financial flexibility and resources.
Closing and funding of the transaction will occur in November 2016.
The new issue will share the same financial covenants as the
existing GBP150 million private placement notes issued in December
2014 and the GBP705 million bank revolving credit facility signed
in December 2015. Proceeds of the issue will be used initially to
repay the bank facility.
Soumen Das, Chief Financial Officer of Capco, commented: "We are
delighted with our second US Private Placement issue and the
support we have received from our investors. We have benefitted
from the all-time low gilt rates to lock in long-term debt which
extends Capco's weighted average debt maturity to 5.7 years, and
increases our available facilities by GBP175 million at a highly
attractive weighted average coupon of 2.3%."
-ENDS-
Enquiries
Capital & Counties Properties PLC:
Ian Hawksworth Chief Executive +44 (0)20 3214 9188
Soumen Das Chief Financial Officer +44 (0)20 3214 9183
Director of IR & Investment,
Michelle McGrath Covent Garden +44 (0)20 7297 6093
Media enquiries:
Director of Communications
Sarah Hagan & Marketing +44 (0)20 3214 9185
UK: Tulchan Susanna Voyle +44 (0)20 7353 4200
SA: Instinctif Frederic Cornet +27 (0) 11 447 3030
Barclays Capital Inc.:
Akshay Shah Managing Director +44 (0)20 7773 8400
Notes to Editors
About Capital & Counties Properties PLC (Capco):
Capital & Counties Properties PLC is one of the largest
investment and development property companies that specialises in
central London real estate and is a constituent of the FTSE-250
Index. Capco holds assets valued at GBP3.6 billion (as at 30 June
2016) in two landmark London estates: Covent Garden, which has
assets valued at GBP2.1 billion including the historic Market
Building, and Earls Court Properties including the Empress State
Building together with the Venues business amounting to aggregate
property assets of GBP1.5 billion. The company is listed on the
London Stock Exchange and the Johannesburg Stock Exchange.
www.capitalandcounties.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCZMGZLVFMGVZM
(END) Dow Jones Newswires
September 26, 2016 02:00 ET (06:00 GMT)
Shaftesbury Capital (LSE:SHC)
Historical Stock Chart
From Apr 2024 to May 2024
Shaftesbury Capital (LSE:SHC)
Historical Stock Chart
From May 2023 to May 2024