Hammerson is to redeem £217.9m of soon-to-expire ten-year bonds.
The original issue of £300m in bonds carried a 5.25% coupon with an expiry of February 2016 and Hammerson has decided to redeem using an early redemption option built into the original terms.
The £217.9m is what remains outstanding from the original issue.
Hammerson will execute the redemption in seven days with full redemption completed on 17 December.
The company recently brought to market £350m of bonds with a lower coupon of 3.5% which they also swapped into euros to reduce the cost to the coupon to 2.5%.
The redemption of the 2016 bonds therefore reduces the cost of debt held in the company.
