Sustainability-Linked Bond Launch

RNS Number : 9621Z

Hammerson PLC

27 May 2021

 

Hammerson plc ("Hammerson" or the "Company")

27 May 2021

Hammerson launches first real estate Sustainability-Linked Bond of €700m

Hammerson announces the successful completion of a €700m Sustainability Linked Bond with a 6 year maturity period and a 1.75% coupon. 

The new issuance was combined with tender offers announced on 20 May 2021 in respect of the €500m 2% bonds due 2022 and the €500m 1.75% bonds due 2023.  The proceeds from the issuance of the new bonds will be used to repay existing financial indebtedness and the combined transactions are intended to have a broadly neutral impact on Hammerson's net debt. 

Himanshu Raja, CFO of Hammerson, said: "Together with our recent announcement of the disposal of the retail parks portfolio, this is another important step in strengthening the Group's capital structure. The linking of the bond to our sustainability targets brings a stronger alignment between our financial and sustainability goals and we are pleased to have received a positive response to our bond, which was 2x covered."

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This announcement has also been released on the SENS system of the Johannesburg Stock Exchange and on Euronext Dublin.

Enquiries

Hammerson Investor Contacts

Josh Warren, Head of Investor Relations

T: [phone]    E: [e-mail]

Richard Sharp, Group Treasurer

T: + 44 207 887 1119  E: [e-mail]

Louise Ellison, Group Head of Sustainability

T: [phone]  E: [e-mail]

Hammerson Media Contacts

Catrin Sharp, Head of Corporate Communications

T: [phone]   E: [e-mail]

FTI Consulting (for Hammerson)

Dido Laurimore

T: [phone]  E: [e-mail]

Notes to editors

Hammerson's senior unsecured debt is rated Baa3 by Moody's and BBB+ by Fitch. Barclays, BNP Paribas, J.P. Morgan and MUFG acted as Joint Lead Managers on the Bonds issuance.  Barclays and BNP Paribas acted as ESG Structuring Co-ordinators. Bank of China, ICBC Standard Bank, Mizuho and Wells Fargo acted as Passive Bookrunners. The Company was advised on the transaction by Lazard & Co., Limited and EY Capital & Debt Advisory.

About Hammerson

Hammerson creates vibrant, continually evolving spaces, in and around thriving European cities, with a focus on flagship retail destinations and premium outlets.  As at 31 December 2020, our portfolio of high-quality venues had a value of £6.3 billion and included 20 flagship destinations in thriving cities and investments in nine premium outlet villages through our partnership with Value Retail. Key retail venues include Bullring & Grand Central, Birmingham, Bicester Village, Oxfordshire, Dundrum Town Centre, Dublin, and Les Terrasses du Port, Marseille.

 

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