Slaughter and May advised Derwent London plc, a leading London property developer and investor, in relation to a note purchase agreement with New York Life for the issue and purchase of £100 million private placement notes. The notes are to be issued in January 2014 and will consist of £25 million Series A Notes, with a maturity of 15 years and a coupon of 4.41%, and £75 million Series B Notes, with a maturity of 20 years and a coupon of 4.68%. The proceeds will be used to refinance existing financial indebtedness and for general corporate purposes.

The private placement completes a wider refinancing by Derwent London of its existing financial indebtedness over the second half of 2013 that included the issue of £150 million convertible bonds due 2019 and the entry into a new £550 million, five year, unsecured revolving credit facility provided by Derwent London's principal relationship banks.

CONTACTS

Financing: Matthew Tobin (partner), Jonathan Keane (associate), Andrew Chaplin (associate); Tax: William Watson (partner), Ed Milliner (associate)