LondonMetric Property has agreed a private placement of £150m of new senior notes with five institutional investors which it plans to use to pay down part of its existing unsecured credit facility.
The issue consists of four tranches, to be drawn in March 2019, with maturities ranging between 10 and 15 years.
The four tranches are: £50m due 2029, £50m due 2030, £10m due 2031 and £40m due 2034.
They have a blended fixed rate coupon of 3.5% and a weighted average maturity of 12 years.
Martin McGann, finance director of LondonMetric, said: ““We are very pleased to have received strong support from our existing lenders and also from new lending relationships.
“The private placement increases our average debt maturity significantly, further diversifies our funding sources and gives us greater flexibility for future refinancing.”
Barclays was the sole placement agent.
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