LONDON (dpa-AFX) - Great Portland Estates plc. (GPOR.L) said Thursday that it has agreed with certain institutional investors to issue 150 million pounds new unsecured US private placement notes.
The Sterling denominated notes cover 12 year and 15 year maturities and have a weighted average fixed rate coupon of 2.77%.
The new issue priced on 5 August and funds will be drawn on 5 November. The notes were placed with six investors, including two new lenders to GPE, and have identical financial covenants to the Group's other unsecured debt.
The relatively long-dated nature of the notes will significantly extend the Group's weighted average debt maturity to 7.5 years once drawn and increase available liquidity to more than 500 million pounds.
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