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Kennedy Wilson Europe has launched a £300m senior unsecured bond in its first ever issue.
The seven-year bond, rated BBB by Standard & Poor’s, has an annual fixed coupon 3.95%. The coupon is expected to reduce to around 3.45% upon KWE entering into swap arrangements to convert a portion of the proceeds into euros.
French REIT Gecina has placed a €500m, nine-year bond carrying a coupon of 2%, 115bps over the mid-swap rate.
The latest issue was taken up by a large pan-European base, the company said. The funds will be used to refianance some of the corporate credit facilities related to last week's €1.24bn purchase of two landmark office assets in Paris from Ivanhoé Cambridge: PSA group’s historic headquarters in central Paris near L'Arc de Triomphe and the T1&B towers in La Défense.
Colonial has raised €1.25bn with a bond issue to to replace €1.04bn of syndicated bank debt.
The issue, the first by a Spanish property company, was two times oversubscribed.
Deutsche Wohnen, Germany's second-largest listed residential landlord, will be refinancing €1.5bn of bank debt
"We hope to finish the total £1.5bn refinancing by the end of July, but it depends on market conditions," said Deutsche Wohnen's head of investor relations Torsten Klingner. The company will use mixture of bonds, new bank loans and cash to refinance and repay loans that mature mainly in 2018 and 2019.
Spanish property company Colonial is planning to refinance €1.04bn of bank debt with a bond issue.
Once the country's second-biggest property company, Colonial ran into severe trouble when Spain's property market crashed in 2008. A restructuring last year finally righted balance sheet with a new €1.04bn syndicated loan and a €1.26bn share issue. The bond issue, which Standard & Poor's has given a preliminary rating of BBB, will repay the syndicated loan. which carries a spread of 400 basis points over Euribor and matured in December 2018.
Wheatley Group, Scotland’s largest housing, care and regeneration organisation, has tapped the capital markets for £250m, in what is the first time a Scottish housing association has raised finance through the issue of a public bond on the capital markets, writes Real Estate Capital's sister magazine Private Debt Investor.
Hammerson has issued a €500m fixed-rate public bond with the lowest ever coupon by a UK property company, at 2%. Priced at 90 basis points over the mid swap rate, the eight-year bond was more than five times oversubscribed. Hammersmith’s chief financial officer, Timon Drakesmith, said: “Market conditions for new debt offerings are favourable at […]
Helical Bar is the latest of a string of property companies to raise capital by issuing convertible bonds at a high premium to share price and NAV. The listed developer and investor run by Mike Slade yesterday raised a total £100m, exceeding its target by £15m. “Issuing a convertible of £100m or below can be a […]