Hammerson gears up for €575m bond buyback

Hammerson is buying back almost €575m (£496m) of bonds due to mature in the next two years from investors. The company last month launched tender offers for its €500m of bonds due in 2022 and €500m due in 2023. The 2022 bonds were priced at 2% and the 2023 bonds at 1.75%. Hammerson said today that it had received tenders for purchase for €310.3m of the 2022 bonds and €264.5m of the 2023 bonds. It will buy back the 2022 bonds at 102.7% of their nominal amount and the 2023 bonds at 102.9%. When the company announced the offer in May, it said the move would help it to manage its near-term debt maturities and push out the weighted average duration of its borrowing. Last week, Hammerson priced a €700m sustainability-linked bond, joining a growing list of real estate companies to raise money from the debt markets specifically to fund their green projects. To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Photo by Lydie Gigerichova/imageBROKER/Shutterstock