The new loan notes carry a weighted average rate of interest of 1.83%.
PLC, () the FTSE 100 industrial property specialist, has substantially cut the cost of its borrowings with a rearrangement of its debt facilities.
The group has placed €450mln 12,15 and 20-year senior unsecured notes with a group of institutional investors. The notes carry a weighted average rate of interest of 1.83%.
Following the debt placing, will redeem sterling-denominated loan notes with interest rates of 6.75% and 7.00% at a cost of £131mln compared to their book value of £118mln.
In a statement, Soumen Das, ’s chief financial officer, said: “The support we have received from our existing and new investors for our third US private placement debt issue is a further endorsement of the strategy we are pursuing at SEGRO, reflected particularly in the long duration and low coupons of the new notes.”