StockMarketWire.com - 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.




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