Sirius Real Estate Ltd (SRE.L,SRE.JO) announced on Thursday that it places 185.1 million euros worth notes through taps of two existing corporate bonds, which extend each to 500 million euros benchmark size.
The company said that the Proceeds will be used for general corporate purposes and refinancing existing debt. It added that reaching benchmark size for each bond is expected to improve secondary market liquidity and strengthen funding flexibility.
The company placed 150.0 million euros of notes to be consolidated with its existing 350.0 million euro 4.000 percent bonds due January 22, 2032.
It also issued 35.1 million euros of notes to be consolidated with its existing 464.9 million euro 1.750 percent bonds due November 24, 2028.
Settlement is expected on June 17. Following the transaction, the outstanding nominal amount of each series will be 500.0 million euros.
HSBC is acting as sole structuring bank and sole global coordinator. Barclays, BNP Paribas and HSBC are acting as active bookrunners and ABN AMRO as passive bookrunner. Lazard is acting as financial adviser.
"Taking both of our public bonds to €500 million benchmark size is expected to improve secondary market liquidity, while the proceeds give us further financial flexibility to refinance existing debt and support further accretive growth. We maintain our disciplined approach to leverage," Chief Financial Officer Chris Bowman said.
On the LSE, shares of Sirius were losing 0.62 percent, changing hands at 96.85 pence.
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