Hammerson announces tender offer for bonds

FTSE 100-listed retail property developer Hammerson has announced a tender offer as part of its policy to manage its balance sheet liabilities and optimise its debt structure by utilising its substantial liquidity to manage near term debt maturities and achieve a lower running cost of debt.

The company has invited holders of its £300m 5.25% bonds (due 2016) to tender these in exchange for cash. The price will be set at around 11am on May 23rd.

The bonds will be purchased by the company and subsequently cancelled.

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Up to £100m in total is currently the targeted amount to be accepted for purchase.

The share price dropped 0.81% to 549.50p by 10:15 Thursday.

NR