LONDON (ShareCast) - (Sharecast News) - LondonMetric Property has entered into a £150m private placement at a blended fixed rate coupon of 3.5% and a weighted average maturity of 12 years.
The placement was with five institutional investors in four tranches: £50m senior notes due 2029, £50m due 2030, £10m due 2031 and £40m due 2034.

The company said draw down of the proceeds from the placement will be delayed until March next year and will be used to pay down part of its existing unsecured credit facility, which will remain available to draw in full.

The notes have the same financial covenants as the current private placement and unsecured debt facilities.

Finance director Martin McGann 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 re-financing."

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