BL Superstores Finance
On 28th February 2006 BL Superstores Finance PLC issued £753 million of Bonds secured on the cash flows from a portfolio of 35 superstores owned by British Land and leased to Sainsbury's Supermarkets Ltd.
The bonds have a weighted average interest rate of 4.96% and a weighted average maturity of 11.6 years.
The superstores are primarily in edge of town and out of town locations throughout England and Wales.
From 26 March 2008 the superstores securitisation has been held in a 50:50 joint venture with J Sainsbury plc.
At 31 March 2008 the portfolio comprised 35 stores. Subsequently four additional stores have been added to the portfolio, taking the portfolio to 39 stores.
Superstores by location
Area
Number of Stores
East Midlands
4
London
7
South East
5
West Midlands
5
Yorkshire
4
South West
2
Wales
4
East
2
North West
2
Total
35
Superstores by location
| Area | Number of Stores |
|---|---|
| East Midlands | 4 |
| London | 7 |
| South East | 5 |
| West Midlands | 5 |
| Yorkshire | 4 |
| South West | 2 |
| Wales | 4 |
| East | 2 |
| North West | 2 |
| Total | 35 |
At 31st December 2005 the supermarkets were externally valued by Knight Frank at £ 1,152 million. The latest external valuation, at 31 March 2008, by Knight Frank valued the portfolio at £1,137.5 million with cash collateral of £28 million also being held.
The Bonds issued by BL Superstores Finance PLC to investors comprise:-
£m
Class
Bonds due
Rating
ISIN
Common Code
258
A2 4.482%
2030
AAA/AAA
XS0244999016
024499901
83
M1 Floating Rate
2030
AA/AA
XS0244892054
024489205
240
B2 5.270%
2030
A/A
XS0245002331
024500233
49
B3 5.578%
2030
A/A
XS0245004972
024500497
70
C1 Floating Rate
2030
BBB/BBB
XS0244893375
024489337
53
D1 Floating Rate
2030
BBB/BBB
XS0244894001
024489400
The Bonds issued by BL Superstores Finance PLC to investors comprise:-
| £m | Class | Bonds due | Rating | ISIN | Common Code |
|---|---|---|---|---|---|
| 258 | A2 4.482% | 2030 | AAA/AAA | XS0244999016 | 024499901 |
| 83 | M1 Floating Rate | 2030 | AA/AA | XS0244892054 | 024489205 |
| 240 | B2 5.270% | 2030 | A/A | XS0245002331 | 024500233 |
| 49 | B3 5.578% | 2030 | A/A | XS0245004972 | 024500497 |
| 70 | C1 Floating Rate | 2030 | BBB/BBB | XS0244893375 | 024489337 |
| 53 | D1 Floating Rate | 2030 | BBB/BBB | XS0244894001 | 024489400 |
The Bonds are rated by Standard & Poors and Fitch with the ratings shown in the table above. The Bonds are listed on the London Stock Exchange and have been accepted for clearance through Clearstream and Euroclear.
Interest on the Bonds is payable quarterly on the 4th January, April, July and October. BL Superstores Finance PLC is obliged to produce quarterly performance reports and annual updates. Visit the reports page to view an archive of these reports and the original Offering Circular >
Bond Trustee
Capita Trust Company Limited
Phoenix House
18 King William Street
London, EC4N 7HE
