Segro PLC rotates out another chunk of expensive debt


 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.”



Read MoreSegro PLC rotates out another chunk of expensive debt

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