The final results of the offer are contained in the release issued to the Irish Stock Exchange yesterday (see below).
In addition, Land Securities Capital Markets PLC confirmed it will issue a £350m bond with a maturity of 9 years, paying a coupon of 2.375%.
Based upon Landsec's reported pro forma debt position and valuation at 30 September 2017, the pro forma impact of the tender offers and new issuance is as follows:
· The annual net interest saving on the tendered bonds, taking into account the cost of the new issuance, will be circa £16.3m for the financial year 2018/19.
· The Group's weighted average maturity of debt will be reduced by 0.9 years.
· Group LTV increases by 1.1 percentage points.
· Adjusted diluted net assets will be circa £164.5m lower.
The following release was issued to the Irish Stock Exchange yesterday by Land Securities PLC: