Source - SMW
LondonMetric Property has entered into a £130 million private placement at a blended fixed rate coupon of 2.70% and a weighted average maturity of 8.3 years.

The private placement was placed with US and UK institutional investors in three tranches:

-      £65 million 2.62% senior notes due 2023;

-     £40 million 2.72% senior notes due 2024;

-      £25 million 2.88% senior notes due 2028.

The proceeds  will be used to pay down some of the debt drawn under the Company's existing unsecured credit facility, which will remain available to draw in full. 

The notes have the same financial covenants as the unsecured credit facility.   As a result of the Private Placement, the Group's weighted average debt maturity as at 30 September 2016 is expected to increase to 5.7 years.