BL announces £300m bond issue at 2.375% coupon

By Paul Norman - Friday, September 08, 2017 8:43

British Land has announced its debut Sterling bond issue for £300m at a coupon of 2.375% for 12 years, meaning it has now raised £4.5bn over the past five years.

BL aid the new issue increases both diversity of funding and maturity.

The coupon is lower than the group’s full year pro-forma cost of debt of 3.4%.

Lucinda Bell, CFO, British Land said: "We are pleased to have raised this unsecured debt in the Sterling market, where investor demand has reflected confidence in our strategy. The debut issue increases the total debt raised over the last five years to £4.5bn and enhances the diversity and maturity of British Land's financing profile."

Barclays Bank, Lloyds and NatWest acted as Joint Active Lead managers. HSBC, Bank of Tokyo Mitsubishi and Santander were Joint Passive Lead Managers. Credit Agricole and Royal Bank of Canada were Co-Managers.

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