StockMarketWire.com - Derwent London said Thursday it had signed an agreement with eight institutional investors for a private placement of £250m unsecured debt.

The debt issue included of four tranches with maturities ranging between 7 and 15 years, with the weighted average coupon of the fixed rate notes equating to 2.89% with a weighted average maturity of 10.8 years, the company said.

The four tranches that would be drawn on 31 January 2019, were: £55m at 2.68% due 2026, £93m at 2.87% due 2029, £50m at 2.97% due 2031 and £52m at 3.09% due 2034, the company confirmed.

'With our recent credit rating upgrade, a September 2018 loan-to-value ratio of 16.3% and strong interest cover, the Group is well placed to fund its pipeline of value-enhancing projects and to continue growing earnings. When drawn in January 2019, the issue will increase our available facilities and extend our weighted average debt maturity,' said Damian Wisniewski, Finance Director of Derwent London.


At 10:06am: [LON:DLN] Derwent London share price was -4.5p at 3005.5p



Story provided by StockMarketWire.com