International property group Grosvenor has raised £90 mln (EUR 115 mln) through the issue of long-term unsecured loan notes in the US.
International property group Grosvenor has raised £90 mln (EUR 115 mln) through the issue of long-term unsecured loan notes in the US.
The placement follows a successful issue of £125 mln in early 2011.
In a statement, the company said the bond issue further diversifies its funding sources and will help finance forthcoming investment in its London Estate.
The issue was priced on July 18 to yield 3.91%. Closing is expected in October 2012.
Roger Blundell, finance director of Grosvenor Britain & Ireland, said: 'We monitor all funding sources available to us and look to access the best market for our needs at the right time. With interest rates remaining very competitive, we felt this was a good moment to follow on from our successful issue last year with another private placement.'
The funds will mainly be used to continue Grosvenor's programme of investment and development in London. The financing, which was fully denominated in sterling, consists of £60 mln of 10-year notes maturing in 2022 with a coupon of 3.38% and £30 mln of 25 year notes maturing in 2037 with a coupon of 4.97%.
RBS acted as sole book-runner on the deal.
