StockMarketWire.com - Real estate company Great Portland Estates (GPE) has announced a £150m US private placement debt issue to increase its capacity for growth.

The Sterling denominated notes cover 12-year and 15-year maturities and have a weighted average fixed rate coupon of 2.77%.

The company said that the relatively long-dated nature of the notes will significantly extend its weighted average debt maturity to 7.5 years once drawn and increase available liquidity to more than £500m.

The notes were placed with six investors, including two new lenders to GPE, and have identical financial covenants to the group's other unsecured debt.

Director of corporate finance Martin Leighton said: 'We are very pleased with this substantial new debt issue which locks in low cost, long-dated unsecured debt at a time of economic uncertainty and further enhances our significant financial capacity for growth should opportunities emerge.

'In particular, we are delighted to receive support from a mix of existing and new investors, providing a further endorsement of our focused business strategy and conservative capital structure.'


At 9:34am: [LON:GPOR] Great Portland Estates PLC share price was +11.2p at 592.2p



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