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Capco unit in £225m US private placement

21 July 2017 07:57

Covent Garden Group Holdings Ltd - the holding company for Capital & Counties Properties' Covent Garden assets - has signed an agreement with eight institutional investors, for a private placement of £225 million senior unsecured notes with maturities ranging from seven to 20 years.

The sterling denominated unsecured debt has a weighted average fixed rate coupon of 2.75%.

It is expected that closing and funding of the transaction will occur in August.

The new issue will share the same financial covenants as the existing £325 million of private placement notes issued in 2014 and 2016 and the £705 million bank facility signed in December 2015.

Proceeds of the issue will be used initially to repay the bank facility and for subsequent investment on the Covent Garden estate.

Story provided by StockMarketWire.com

Related Company: CAPC

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