Sirius Real Estate Ltd - London-based operator of German business parks - Announces plan to issue EUR300 million senior unsecured bonds due 2026, rated BBB by Fitch Ratings. Funds to be used to "refinance certain existing indebtedness, general corporate purposes".
"A move towards more unsecured debt funding would have many benefits for Sirius including increasing operational flexibility through the creation of a much larger pool of unencumbered assets as well as enhancing our funding efficiency going forward," said Chief Executive Alistair Marks last Wednesday, when the company announced it was mulling the idea of a bond issue.
Current stock price in London: 104.60 pence
Year-to-date change: up 12%
Current stock price: ZAR20.28
Year-to-date change: up 5.1%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Sirius Real Estate (SRE)