Helical Bar closes retail bond offering ahead of schedule

Kasmira Jefford
Follow Kasmira
HELICAL Bar, the property developer behind schemes including 200 Aldersgate in the City, has closed the offer for its six per cent retail bond a week early following strong demand for the offering.

The FTSE All Share company, which aims to raise around £75m to help diversify its funding sources, said it will confirm the full amount of the offer today.

The bonds, due in 2020, have a minimum initial subscription amount of £2,000 and are available in multiples of £100 thereafter.

Helical, which is also behind the regeneration of a vast 3.2 acre-site in the City next to St Bart’s Hospital, is the latest in a string of property firms to look towards the bond market as an alternative source of finance.

Alpha Plus, the schools provider chaired by property grandee Sir John Ritblat, and developer St Modwen have also launched retail bond this year.

“We are excited to be launching our debut retail bond into a market which is growing as a result of strong private investor interest for bonds issued by companies with established track records,” chief executive Mike Slade said last week.

Helical Bar also announced last Friday that it has signed a new £75m revolving credit facility with Barclays Bank.

It will refinance £49.3m of existing debt, leaving £25.7m available to fund future acquisitions.