Slaughter and May advised SEGRO European Logistics Partnership S.à r.l. (‘SELP’) and its indirect subsidiary, SELP Finance S.à r.l. (‘SELP Finance’), on the establishment of SELP Finance’s €5,000,000,000 Euro Medium-Term Note Programme (the ‘Programme’) and its debut issuance of €750,000,000 senior unsecured notes from the Programme (the ‘Notes’). The Notes are rated BBB+ by Fitch and Baa2 by Moody’s, carry a coupon of 3.75 per cent and have the benefit of an irrevocable guarantee from SELP. The net proceeds of the issuance will be used principally to finance and/or refinance Eligible Green Projects as outlined in the SEGRO Green Finance Framework, as well as for general corporate purposes.
In parallel, Slaughter and May advised SELP Finance on a related tender offer (the ‘Tender Offer’) for its €500,000,000 1.25 per cent. senior unsecured notes due October 2023 (the ‘Tender Notes’). The Tender Offer was announced on 1 August 2022 and expired for acceptances on 5 August 2022. On 8 August 2022, SELP Finance announced that €438,219,000 in aggregate nominal amount of the Tender Notes (representing 87.64% of the nominal amount of the Tender Notes) had been accepted for repurchase and cancellation. The Tender Offer provides liquidity or reinvestment optionality to noteholders whose Tender Notes were accepted in the Tender Offer.