Property group Great Portland has taken advantage of strong demand for its bonds in the US to boost its coffers.
Having initially planned to raise $75m through a placing of bonds, Great Portland upped the amount to $200m after the original offer was more than five times over-subscribed.
The medium term unsecured US dollar notes have been fully hedged into sterling, providing Great Portland with £128m of debt financing at a sterling weighted average fixed interest rate of 4.59%.
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The issue consists of two tranches of bonds: $160m of 4.20% senior notes due 2019, and $40m of 4.82% senior notes due 2022.
The notes were placed with a select group of institutional investors, more than half of them being new investors in Great Portland.
The issue follows the property group's successful inaugural £160m private placing in May 2011 at a sterling weighted average fixed interest rate of 5.32%.
"This financing supports our already robust liquidity position and enhances our debt maturity profile, with no group level maturities until November 2015," said Nick Sanderson, Finance Director at Great Portland.
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