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Hammerson plans €200m bond buy-back

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Hammerson is planning to buy back €200m of bonds in order to better manage its short term debt maturities.

The company this morning announced an offer to holders of its €700m 4.875% unsecured bonds, which are due to mature in 2015.

Hammerson will buy the bond using existing debt facilities, in order to achieve “a lower running cost of debt”.

An offer price for the bonds will be determined next Thursday. BNP Paribas, HSBC Bank and The Royal Bank of Scotland are acting as dealer managers for the offer.

As of the 31 March, the company’s borrowings were £2.1bn and cash balances were £76m. It has unused bank facilities of £704m.

In the first quarter of this year Hammerson saw occupancy fall by 0.8% to 97.1%.

The company said, following it announcement that it would focus on retail, that there had been “a high level of interest in our assets, and we are now evaluating these approaches.”

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