Hammerson prepares bond offer

FTSE 100-listed retail property developer Hammerson yesterday announced a tender offer in a bid to reduce the cost of servicing its debts.

The company has invited holders of its £300m 5.25 per cent bonds (due 2016) to tender these in exchange for cash. The price will be set on 23 May. The bonds will be purchased by the company and subsequently cancelled.

Up to £100m is being targeted in total.