SEGRO has launched a £350m, 19-year senior unsecured bond issue, priced at 175 basis points above gilts, with an annual coupon of 5.125%.
The bond issuance, which was carried out under SEGRO’s Medium Term Note Programme, was almost six times oversubscribed.
The proceeds of the issue will principally be used for general corporate purposes.
Chief financial officer Soumen Das said: “We appreciate the strong support from investors for our first sterling bond issuance since 2017, which provides valuable, long-duration liquidity to fund our development pipeline to support the continued occupier strength we are seeing across our markets.
“The strength of SEGRO’s investment case and capital markets access means we have been able to raise £2.1bn of new long-term debt funding at SEGRO and SELP this year, at an average cost of debt of 3% with an average duration of almost nine years.”
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