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Segro PLC - London-based property investor and developer - Announces pricing of €500 million senior unsecured bond issue, at 123 basis points above euro mid-swaps with a 3.5% annual coupon for an eight-year term. Says issuance at peak was six times oversubscribed. Intends on using proceeds to refinance existing indebtedness, particularly bank loans maturing in early 2026. This reduces average cost of debt to 2.6% from 2.7% at June 30, 2023, and increases average duration to 7.3 years from 6.8 years. Chief Financial Officer Soumen Das says: ‘We appreciate the strong support that we have received from investors for the new bond issue in achieving an attractive spread and all-in coupon. The bond enhances our balance sheet, reducing our average cost of debt and extending the average maturity.’ Current stock price: 887.20 pence, down 0.4% on Wednesday morning in London 12-month change: up 23% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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