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    SGRO   GB00B5ZN1N88

SEGRO PLC

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SEGRO Plc Arranges US Private Placement of Senior Unsecured Notes

06/23/2022 | 05:00am EDT

SEGRO plc has arranged a US private placement of €225 million 15 and 20 year senior unsecured notes with a group of institutional investors. The issue consists of two tranches, both of which will be drawn down in September 2022: €50 million at a fixed coupon of 3.87% due 2037 (based on Euro mid-swap rate of 2.54% and a spread of 133 bps); and €175 million at a fixed coupon of 4.14% due 2042 (based on Euro mid-swap rate of 2.44% and a spread of 170 bps). This translates to a weighted average coupon of 4.08% and a weighted average maturity of 18.9 years. Pro forma for the position as at 31 May 2022, taking into account associated hedging and assuming that the debt is fully drawn, SEGRO's average debt maturity (on a look-through basis) is 8.6 years (31 March 2022: 7.8 years) and the average cost of gross debt is 1.7% (including joint ventures at share, excluding commitment fees and amortised costs) (31 March 2022: 1.6%). The % of fixed rate debt is 76% (31 March 2022: 66%), or 93% including interest rate caps (31 March 2022: 84%). The net proceeds from the new US Private Placement issue will be used for general corporate purposes and the Notes will rank pari passu with SEGRO's existing unsecured bank, bond and US Private Placement debt.


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Financials
Sales 2022 529 M 646 M 646 M
Net income 2022 2 734 M 3 339 M 3 339 M
Net Debt 2022 4 151 M 5 070 M 5 070 M
P/E ratio 2022 5,19x
Yield 2022 2,54%
Capitalization 12 887 M 15 738 M 15 738 M
EV / Sales 2022 32,2x
EV / Sales 2023 28,6x
Nbr of Employees 385
Free-Float 99,6%
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Number of Analysts 20
Last Close Price 1 066,00 GBX
Average target price 1 313,63 GBX
Spread / Average Target 23,2%
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Managers and Directors
David John Rivers Sleath Chief Executive Officer & Executive Director
Soumen Das Chief Financial Officer & Executive Director
Andrew Harrison Chairman
James Power Director-Digital & Technology
Andrew E. G. Gulliford Chief Operating Officer & Executive Director
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