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Capital Shopping Centres Group plc Announces Convertible Bond Offering

Thursday, 20 Sep 2012 02:00am EDT 

Capital Shopping Centres Group plc announced the launch of an offering of GBP300 million of senior, unsecured Convertible Bonds due 2018 (the Bonds) with an option to increase the offering by an additional GBP50 million. The Company intends to use the net proceeds of the offering to improve its financing flexibility by: diversifying its funding sources; refinancing short term borrowings, including those relating to its recent acquisitions of the Broadmarsh Centre, Nottingham, and properties adjacent to its existing centres which provide additional development opportunities, such as King George V Dock and Centaurus Retail Park; and positioning CSC to advance its development pipeline and make further acquisitions. The Bonds are expected to be issued by Capital Shopping Centres (Jersey) Limited, a wholly owned subsidiary of the Company incorporated in Jersey (the Issuer), and will be guaranteed by the Company. The Bonds, which will have an expected maturity date of 04 October 2018, will be issued at par and are expected to carry a coupon of between 1.75% and 2.25% per annum payable semi-annually in arrear 

Company Quote

7.4 +2.35%
9:23am EDT