British Land announces £300m debut sterling bond issue

The British Land Company announced its debut sterling bond issue for £300m at a coupon of 2.375% for 12 years on Friday morning.

In line with the FTSE 100 company's financing strategy, the British Land board said the new issue increased both diversity of funding and maturity.

“We are pleased to have raised this unsecured debt in the sterling market, where investor demand has reflected confidence in our strategy,” said British Land chief financial officer Lucinda Bell.

“The debut issue increases the total debt raised over the last five years to £4.5bn and enhances the diversity and maturity of British Land's financing profile.”

Barclays Bank, Lloyds and NatWest acted as joint active lead managers, the board confirmed.

HSBC, Bank of Tokyo Mitsubishi and Santander were joint passive lead managers, with Credit Agricole and Royal Bank of Canada as co-managers.