Slaughter and May is advising SEGRO plc (‘SEGRO’) on its debut issuance from under its recently established European Medium-Term Note (‘EMTN’) programme. The €1.15 billion senior unsecured Green Bond issue is split into two tranches: (i) €650 million with a four-year term, priced at 70 basis points above euro mid-swaps with an annual coupon of 1.250 per cent; and (ii) €500 million with an eight-year term priced at 110 basis points above euro mid-swaps with an annual coupon of 1.875 per cent. The bond issuance was six times oversubscribed.
The proceeds of the issue will principally be used to finance and/or refinance Eligible Green Projects as outlined in the SEGRO Green Finance Framework, including the continued development programme, as well as providing funding for general corporate purposes.
Charlie Edmonds / Trainee, Mike Hargrove / Trainee