British Land has agreed to buy back up to £197m of mortgage debenture bonds in a tender offer.
It has offered to buy all the first mortgage amortising debenture bonds, due in 2035, and up to £100m of the first mortgage debenture bonds, due in 2028.
The price of the bonds will be determined on 13 December in relation to their benchmark security rate, the purchase spread and the settlement date (see below).
British Land said the offer is part of its liability management and will cancel any bonds that it purchases.
Holders of outstanding bonds wishing to sell have until 12 December to accept the offer.
The company previously issued £300m of unsecured bonds in September as part of its plan to increase the diversity and maturity of its funding.
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