Hammerson PLC Results of bond tap issuance and tender offer (9004L)
08 Setembro 2023 - 9:10AM
UK Regulatory
TIDMHMSO
RNS Number : 9004L
Hammerson PLC
08 September 2023
Hammerson plc ("Hammerson" or the "Company")
8 September 2023
Hammerson successfully completes its GBP100m bond tap issuance
and matching GBP100m tender offer of its 2025 and 2026 bonds
Hammerson announces the results of its successful GBP100m bond
tap issuance and matching tender offer.
On 31 August 2023, Hammerson announced the issuance of a GBP100m
increase (or "tap") of its existing GBP200m 7.25% coupon bonds
maturing in 2028 (the "New Bonds"), resulting in a new outstanding
notional of GBP300m. On 31 August 2023, Hammerson further announced
a tender offer for its GBP350m 3.5% coupon bonds maturing in 2025
(the "2025 Bonds") and its GBP300m 6.0% coupon bonds maturing in
2026 (the "2026 Bonds"). Earlier today, Hammerson announced
acceptance of the tenders for GBP11.7m of the 2025 Bonds and
GBP88.4m of the 2026 Bonds.
The New Bonds were issued on 6 September and priced at a yield
of 9.1%. Hammerson achieved purchase yields on the tendered and
shorter dated 2025 Bonds and 2026 Bonds of 7.7% and 8.1%
respectively.
The effect of the combined transactions is to extend GBP100m of
Hammerson's maturities in 2025 and 2026 to 2028 with an annualised
net interest cost of GBP3m(1) to adjusted earnings in FY 2024.
Note 1
The net annualised cash cost is GBP2m excluding the IFRS
requirement to capitalise and amortise the new issue discount over
the life of the New Bonds.
This announcement has also been released on the SENS system of
the Johannesburg Stock Exchange and on Euronext Dublin.
Enquiries
Hammerson Investor Contacts
Josh Warren, Director of Strategy, Commercial Finance and
Investor Relations
T: +44 (0) 20 7887 1053 E: josh.warren@hammerson.com
Hammerson Media Contacts
Natalie Gunson, Group Communications Director, Hammerson
T: +44 (0) 20 7887 4672 E : natalie.gunson@hammerson.com
MHP for Hammerson
Ollie Hoare and Charles Hirst
T: +44 (0)20 3128 8100 E: Hammerson@mhpgroup.com
Notes to editors
Hammerson has ratings of BBB (issuer default rating) from Fitch
Ratings Limited ("Fitch") and Baa3 (long term debt) from Moody's
Investors Services Limited ("Moody's"). The new bonds were assigned
a BBB+ rating by Fitch and a Baa3 rating by Moody's. Fitch and
Moody's have both confirmed the combined transactions as credit
positive noting that they reduce refinancing risk and demonstrate
continued access to the debt markets.
Morgan Stanley are acting as Sole Lead Manager on the issuance
of the new bonds. Lloyds Bank Corporate Markets and Mizuho are
acting as dealer managers on the tender offer referred to
herein.
About Hammerson
Hammerson is a cities business. An owner, operator and developer
of prime urban real estate, with a portfolio value of GBP4.7billion
(as at 30 June 2023), in some of the fastest growing cities in the
UK, Ireland and France.
Our portfolio and adjacent lands leverage our experience and
capabilities to create and manage exceptional city centre
destinations with the opportunity to drive value and reshape entire
neighbourhoods.
Our assets are high profile and play an important role in our
communities, welcoming c. 175 million visitors each year and
supporting 20,000+ jobs though our retail, dining and social
occupiers.
These destinations include Bullring in Birmingham, The Oracle in
Reading, Dundrum Estate, Dublin and Terraces du Port in Marseille.
We also hold investments in Value Retail, best-in-class villages
such as Bicester Village, Oxfordshire.
Hammerson also holds 80 acres of attractive pre-development and
strategic land. This includes complementary adjacent land, creating
optionality to enhance both the scale and diversity of the existing
estate, and stand-alone land opportunities. These include Martineau
Galleries in Birmingham and Bishopsgate Goodsyard, Shoreditch.
www.hammerson.com
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