Private placement notes

In 2020, the Group raised £150 million through the issue of 12 and 15 year US private placement notes. The Sterling denominated unsecured notes have a weighted average coupon of 2.8% (representing a spread over relevant Gilts of 249bp). The notes were placed with six investors, including two new investors to GPE, and have identical financial covenants to the Group’s £450 million revolving credit facility.

In 2018, the Group raised £100 million through the issue of 10, 12 and 15 year US private placement notes. The Sterling denominated unsecured notes have a weighted average fixed rate coupon of c.2.8% (representing a spread to the relevant Gilts of just over 100bp). The notes were placed with seven existing lenders to GPE, and have identical financial covenants to the Group’s £450 million revolving credit facility.

In 2017, the Group raised £175m through the issue of seven year US private placement notes. These notes are also Sterling denominated and unsecured, and have a fixed rate coupon of 2.15%. These notes were placed with eight lenders, and also have identical financial covenants to the Group’s £450 million revolving credit facility.