Central London developer Derwent London has completed its £100m fixed-rate private placement from US insurer New York Life.
The unsecured bond is split between £25m fixed for 15 years at 4.4%, and £75m fixed for 20 years at 4.7%. It was the group’s second bond issue last year following a six-year £150m convertible bond in July.
At 30 September 2013, the group, whose assets include Page Street, SW1 had £1.3bn of facilities, of which £389m were undrawn, plus £20m of cash.
HSBC and Lloyds Banking Group were lead co-ordinators for the UK ?private placement.
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