Land Securities planning 9yr GBP, possible 2029 tap, tender offer

(Adds tender link)

By Julian Baker

LONDON, March 16 (IFR) - 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