Hammerson PLC - London-based property development and investment company - Says it has completed £100 million bond tap issuance. This is after Hammerson announced on Thursday last week the issuance of a £100 million increase of its existing £200 million 7.25% coupon bonds maturing in 2028, resulting in a new outstanding notional of £300 million.
Separately, Hammerson also confirms that the final acceptance in its tender offer is £100.0 million. Also on Thursday last week, the company invited holders of outstanding bonds to tender them for cash purchases. Tender offers included £350.0 million at 3.500% due 2025, and £300.0 million at 6.00% due 2026. Reports acceptance of the tenders for GBO11.7 million of the 2025 bonds and £88.4 million of the 2026 bonds.
‘The effect of the combined transactions is to extend £100 million of Hammerson’s maturities in 2025 and 2026 to 2028 with an annualised net interest cost of £3 million to adjusted earnings in 2024,’ it says.
Current stock price in London: 24.84 pence, flat on Friday
12-month change: up 17%
Current stock price in Johannesburg: R 5.88, up 0.9%
12-month change: up 35%
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