Hammerson has announced the successful pricing of a 6.5-year €350m bond at 110 basis points over euro mid-swaps with an annual coupon of 3.5%.
The issuance was more than five times covered at peak, said Hammerson, and followed last week’s upgrade by Fitch on its senior unsecured debt rating to A- and the long-term issuer rating to BBB+, while Moody’s revised its Baa2 rating to a positive outlook.
The new bonds represent the first stage of the early refinancing of the group’s €700m 1.75% sustainability-linked bonds, which mature in June 2027.
Rita-Rose Gagné, CEO of Hammerson, said: “We are delighted with the high levels of demand for our bond issue, a testament to the strength and success of our strategic delivery. We continue to invest in destination repositioning and leasing to drive returns while our JV buyouts have enabled us to take full control of our assets and grow income.
“Demand for our prime space is robust, as evidenced by the operational performance we drove over the summer. Momentum is continuing into September and October and we have a strong pipeline ahead.”
