Land Securities out with 9yr GBP secured, IPTs G+110/+115

By Julian Baker

LONDON, March 26 (IFR) -

* IPTs for 9yr at UKT1.25% Jul 2027 +110/+115, benchmark size, tbp today. Exp maturity 29 Mar 2027, legal final 29 Mar 2029, pay 29 Mar, EMTN docs, English law, Irish listing, 100k/1k denoms, Reg S bearer. MWC at MS+20. 50bp coupon step-up post expected maturity. NatWest is B&D. (9:38am)

Land Securities Capital Markets PLC (ticker: LANDLN), has mandated Lloyds Bank and NatWest Markets as Global Co-ordinators and HSBC, Lloyds Bank, NatWest Markets and Santander as Active Joint Bookrunners on its planned Reg S Sterling transaction. A benchmark sized 9yr Sterling transaction will follow, with the potential addition of a second tranche which would be a sub-benchmark sized tap of the existing 2.399% senior secured bonds due 2029, both subject to market conditions and tender results. Any issuance is expected to be rated AA (Frankfurt: A116XA - news) /AA (stable/stable by S&P/Fitch) and will be off Land Securities (LSE: LAND.L - news) ’ Euro Medium Term Note Programme. The proceeds from the issuance will, together with existing committed liquidity sources, be used to finance concurrent tender offers for its 5.391% bonds due 2025, 5.396% bonds due 2030 and 5.125% bonds due 2034. Relevant stabilisation regulations including FCA/ICMA will apply. Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID (Oslo: KID.OL - news) ) has been prepared as not available to retail in EEA. Tender details here: http://www.rns-pdf.londonstockexchange.com/rns/9772H_-2018-3-16.pdf (March 16)