Lendlease starts $1.22B bond redemption process
Key points
- Lendlease began redeeming $1.22 billion in outstanding bonds, with completion expected by Nov. 30.
- The transaction carries $57 million in combined make-whole and hedge termination costs while leaving over $2.5 billion in liquidity.
- Lendlease stated the redemption forms part of its ongoing capital management initiatives using a $1.25 billion standby facility.
Lendlease (ASX:LLC) started redeeming approximately $1.22 billion in outstanding bonds to manage its capital structure, with completion expected by Nov. 30.
The property group stated it will fund the payout using a $1.25 billion committed standby facility secured in June.
Lendlease anticipates approximately $7 million in make-whole payments and $50 million in hedge termination costs from the transaction.
The company will recognise these expenses as non-recurring financing costs within its Capital Release unit for the period.
Following the announcement, the Lendlease share price was unchanged at $2.36.
Following the redemption, Lendlease expects to retain liquidity of more than $2.5 billion across cash and undrawn committed facilities.
The group continues to execute its broader capital management initiatives while winding down assets held inside its capital release unit.
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