Mayer Brown advises St Modwen Properties PLC on launch of retail bonds
19 October 2012
Leading global law firm Mayer Brown is advising leading regeneration specialist St Modwen Properties PLC on the launch of its first retail bonds to be listed on the London Stock Exchange(LSE) with the aim of raising £50-100m.
The Bonds will pay a fixed rate of interest of 6.25% per annum, payable twice yearly on 7 May and 7 November of each year with the first coupon payment being made on 7 May 2013 and the Bonds maturing on 7 November 2019.
St. Modwen Properties PLC has a UK property portfolio which is valued at £1.1 billion, comprises 5,800 acres and is split into income-producing investments, residential land and commercial land and development, including redevelopment sites such as MG Rover's former Longbridge car plant.
The Mayer Brown team was led by London Corporate & Securities partner Kate Ball-Dodd with Finance partner Nigel White. They were assisted by Corporate & Securities senior associate Connor Cahalane and associate Simon Allison.
Kate Ball-Dodd, Corporate & Securities partner, said: "We've seen an increasing number of companies launch retail bonds recently as they try and diversify their funding sources and I think there are still more to come, especially with the LSE planning to launch a bond issue on to its own market soon. This is an exciting step for our client and we're delighted to have been involved."
Mayer Brown has previously advised St Modwen on a variety of matters.