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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Divorce financial settlement fights surge – why it pays to agree terms earlyLawyers expect more court battles as tax rises and sharp falls in asset values make divorcing financially more difficult.
-
Emotional investing: what is it and how you can avoid itAre you an emotional investor? Your feelings could be damaging your long-term investments, but here's how to stay rational when the markets are turbulent.
