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Hammerson launches 10-year £350m bond

Hammerson has announced the successful launch of a £350m bond that matures in 2025. The bond has an annual coupon of 3.5% and the company says it was priced at 1.73% over the reference gilt rate. However, the company then entered into a transaction to swap the sterling bond nominal amount and coupon payments into Euros. This resulted in a net coupon cost to Hammerson of 2.5%. Hammerson say that the new coupon, post swaps, of 2.5% is in line with their target financing costs and the proceeds of the issue will be used to enhance liquidity following the companies recent investment in Dublin.

Hammerson launches 10-year £350m bond : HMSO

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