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US Private Placement debt for Covent Garden
Capital & Counties Properties PLC
(Incorporated and registered in the United Kingdom and Wales with registration Number 07145041
and registered in South Africa as an external company with Registration Number 2010/003387/10)
JSE code: CCO
ISIN: GB00B62G9D36
CAPITAL & COUNTIES PROPERTIES PLC (“Capco”)
26 September 2016
£175 million US Private Placement debt for Covent Garden
Capco announces that Covent Garden Group Holdings Limited, the holding company for Capco’s Covent Garden
assets and a wholly owned subsidiary of Capco, has signed an agreement with five US institutional investors for
a private placement of £175 million 10 year and 12 year senior unsecured notes.
The issue consists of two tranches: £125 million at a fixed coupon of 2.28% due 2026 and £50 million at a fixed
coupon of 2.37% due 2028. The proceeds will strengthen the Group’s capital structure and provide greater
financial flexibility and resources. Closing and funding of the transaction will occur in November 2016. The new
issue will share the same financial covenants as the existing £150 million private placement notes issued in
December 2014 and the £705 million bank revolving credit facility signed in December 2015. Proceeds of the
issue will be used initially to repay the bank facility.
Soumen Das, Chief Financial Officer of Capco, commented: “We are delighted with our second US Private
Placement issue and the support we have received from our investors. We have benefitted from the all-time low
gilt rates to lock in long-term debt which extends Capco’s weighted average debt maturity to 5.7 years, and
increases our available facilities by £175 million at a highly attractive weighted average coupon of 2.3%.”
-ENDS-
Enquiries
Capital & Counties Properties PLC:
Ian Hawksworth Chief Executive +44 (0)20 3214 9188
Soumen Das Chief Financial Officer +44 (0)20 3214 9183
Michelle McGrath Director of IR & Investment, Covent Garden +44 (0)20 7297 6093
Media enquiries:
Sarah Hagan Director of Communications & Marketing +44 (0)20 3214 9185
UK: Tulchan Susanna Voyle +44 (0)20 7353 4200
SA: Instinctif Frederic Cornet +27 (0) 11 447 3030
Barclays Capital Inc.:
Akshay Shah Managing Director +44 (0)20 7773 8400
Sponsor:
Merrill Lynch South Africa (Pty) Limited
Notes to Editors
About Capital & Counties Properties PLC (Capco):
Capital & Counties Properties PLC is one of the largest investment and development property companies that
specialises in central London real estate and is a constituent of the FTSE-250 Index. Capco holds assets valued
at £3.6 billion (as at 30 June 2016) in two landmark London estates: Covent Garden, which has assets valued at
£2.1 billion including the historic Market Building, and Earls Court Properties including the Empress State
Building together with the Venues business amounting to aggregate property assets of £1.5 billion. The company
is listed on the London Stock Exchange and the Johannesburg Stock Exchange.
www.capitalandcounties.com
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