PP investors 'first in line' for Hammerson payout

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By Silas Brown
11 Aug 2020

Institutional investors holding Hammerson’s £689m ($900.27m) of private placements (PPs) are to be offered a pre-payment option first after the UK property company’s intended rights issue, according to a prospectus on the upcoming trade. Unlike the UK property company’s bondholders and bank lenders, during their coronavirus amendment process, PP investors negotiated an offer of pre-payment at par of 30% of any proceeds of capital raises or disposals.

Through a rights issue and the sale of its holding in VIA Outlets, the company aims to raise roughly £525m from the rights issue and £269m from the disposal.

In its prospectus for the rights issue, which is intended to reduce debt, the company says it will fulfill ...

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