Great Portland Estates has agreed to issue £100m new US private placement notes after successfully buying back £121m legacy bonds at a cost of £159.5m.
The new placement has been agreed with certain institutional investors and is subject to contract.
The refinancing delivers the developer an annual interest saving of approximately £3.3m, equating to a 70bp reduction in weighted average interest rate to 2.2%.
GPE has also let 23,700 sq ft, in two separate lettings, at its new 37,400 sq ft development at 55 Wells Street, W1.
Click here for the full refinancing announcement
Click here for the full letting announcement
