Mayer Brown advises Helical Bar plc on its £80 million retail bond issue
25 June 2013
London - Leading global law firm Mayer Brown advised property development and investment company Helical Bar plc on its debut issue of retail bonds. The bonds have been admitted to trading on the London Stock Exchange’s order book for retail bonds. The issue of the bonds raised gross proceeds of £80 million and will pay a fixed rate of interest of 6.00% per annum, payable twice yearly, with the bonds maturing on 24 June 2020.
Helical Bar has a property portfolio which had a book value of £576 million as of 31 March 2013. The Group’s principal areas of business include high-yielding retail property investments, central London office investments, central London refurbishment and development projects, regional pre-let food store developments and retirement villages.
Kate Ball-Dodd, Corporate & Securities partner, said: “We’re pleased to have been able to assist Helical Bar in the issue of these bonds, which has enabled it to diversify its funding sources and extend its debt maturity profile. The prospectus prepared by Helical Bar also constituted the first retail bond prospectus approved by the new Financial Conduct Authority.”
The Mayer Brown team was led by London Corporate & Securities partner Kate Ball-Dodd with Banking & Finance partner James Taylor. They were assisted by Corporate & Securities associates Simon Allison and Frances Hull.
Mayer Brown has previously advised Beazley plc and St. Modwen Properties PLC on its respective retail bond issues.