SEGRO has priced a €500m (£422m) senior unsecured bond, a deal that was more than six times oversubscribed by investors.
The industrial investor-developer priced the eight-year bond at 123 basis points above euro mid-swaps with an annual coupon of 3.5%.
SEGRO will use the proceeds to pay down other debt, principally bank loans maturing in early 2026. This will take the average cost of its borrowing down to 2.6% from 2.7% at 30 June 2024, and its average duration up to 7.3 years from 6.8 years.
