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8 November 2012
08/11/2012 London Stock Exchange welcomes St. Modwen Properties PLC to the Order Book for Retail Bonds

London Stock Exchange welcomes St. Modwen Properties PLC, the UK's leading regeneration specialist and constituent of the FTSE250 index, to its Order Book for Retail Bonds, with the launch of its 6.25% 2019 debut retail bond, which raised £80 million.

St. Modwen has a UK property portfolio which is valued at £1.1 billion, comprises 5,800 acres and is split into income-producing investments, residential land and commercial land and development. St. Modwen has a 25 year track record of adding value to its landbank by managing schemes through the planning process, remediating contaminated land and active asset management.

Bill Oliver, Chief Executive, St. Modwen Properties PLC, commented:

"We are very pleased at the success of our first retail bond. We believe that the positive response from investors demonstrates the strengths of St. Modwen and its consistent income generation. We are delighted to have successfully accessed a new source of finance and diversified our debt financing profile.”

Gillian Walmsley, Head of Fixed Income at London Stock Exchange, said:

“We are delighted to welcome St. Modwen’s retail bond to market. ORB continues to go from strength to strength with over £1.2 billion raised on the platform this year alone. We have seen a growing  number of recent issues from a diverse range of companies, demonstrating the continued appetite from the private investor community for tradable bonds.

Michael Smith, Joint Lead Manager, Investec commented:

“This successful issuance from St. Modwen achieved exactly what they set out to do: they raised long dated committed capital to diversify their sources of debt funding.  Not only that, it is the fourth consecutive issue in this sector and also, the largest.  Investec had confidence that this deal would be a success – this deal is another demonstration that the retail bond market is maturing into a source of capital for large and mid-cap companies.  And there are going to be many more issuers looking at this sector now.  The St. Modwen success is particularly encouraging as the bond was launched a day after one from London Stock Exchange Group.  Demand for retail products that offer investors protection and attractive yields has been strong, and this enabled both bonds to succeed.”

Oliver Cardigan, Joint Lead Manager, Numis commented:

“We are delighted to have acted on the St Modwen £80m retail bond. The success of the offer underlines the quality of the Company’s balance sheet and its operating model. It also highlights the retail market’s sustained appetite for strong corporate yield. This was particularly the case as the bond overlapped with the successful bond issuance from the London Stock Exchange Group.”

 

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