News Column

Grainger Prices GBP75 Million Corporate Bond Issuance

August 1, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - UK residential property owner and manager Grainger PLC Friday said it has priced a GBP75 million tap of its GBP200 million 5% secured bonds, due in December 2020.

The yield to maturity on the tap issue was priced at 4.792%. The issue is expected to close next week.

The company said it will use the proceeds from the bond issuance to reduce drawings under its revolving bank facility.

"This will leave the group well positioned to take advantage of future investment opportunities in the residential market," the company said in a short statement Friday.

Grainger shares were trading at 215.40 pence just before the market close Friday, up 0.1%.

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Source: Alliance News

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