Hammerson (LSE:HMSO) announced it has priced a EUR350m bond with a five-year maturity at 110 basis points over euro mid-swaps and an annual coupon of 3.875%.
The issue was over five times covered at peak and represents the next stage of refinancing the Group's EUR700m 1.75% sustainability-linked bonds maturing in June 2027. After the new issuance, the weighted average maturity of the Group's debt stands at 4.7 years.
In April, the Group refinanced its £463m revolving credit facility with existing lenders on unchanged terms, leaving the facility committed and undrawn with an initial maturity date of April 2029 and two one-year extension options.
At the same time, the group exercised extension options on two additional committed revolving facilities totalling £150m, extending their maturities by one year to April 2029 and increasing total committed and undrawn facilities to £613m.
The New Bonds are expected to be issued on 8 June, subject to final legal documentation and customary closing conditions.
