Landsec is expected to buy back £502.3m of debt from bond holders today as a result of its offer issued earlier this month.
It has agreed via indicative agreements to buy back £219.5m of notes with a coupon of 5.4% and £282.8m with a coupon of 5.1%. A final conclusion is to be determined this afternoon.
The process is expected to see Landsec’s cost of debt brought down and allow it to use cheaper finance available in the market.
The expected tender is due to settle on 22 September.
BNP Paribas and Citi are undertaking the buy back for Landsec.
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