September 27, 2024 08:20 GMT
Hammerson (HMSOLN: Baa2/BBB+ pos): Tender + New Issue
REAL ESTATE
- Very Positive
- Tendering for £6% 26, £7.25% 28, £3.5% 25
- 2026 UKT 0.125 26 +85 (was G+132 pre-announcement)
- 2028 UKT 0.125 28 +120 (was G+168 pre-)
- 2025 UKT 3.5 25 +50 (was G+88 pre-)
We pointed out on 19th Sept that it would make sense to Tender for the 2026 with the Value Retail proceeds. The 2028 is a bit of a surprise but it does remove a high coupon.
New issue to follow
70 words