BL Superstores Finance
On 28 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 4.85% and a weighted average maturity of 11.1 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 2010 the portfolio comprised 39 stores. On 21 June 2010 four supermarkets were released from the securitisation and substituted by two different J Sainsbury supermarkets. From this date, the portfolio comprises 37 stores.
Superstores by location
| Area | Number of Stores |
|---|
| East Midlands | 4 |
| London | 7 |
| South East | 7 |
| West Midlands | 4 |
| Yorkshire | 5 |
| South West | 3 |
| Wales | 4 |
| East | 2 |
| North West | 3 |
| |
| Total | 39 |
At 31 December 2005 the supermarkets were externally valued by Knight Frank at £1,152 million. The latest external valuation, at 31 March 2010, by Knight Frank valued the portfolio at £1,188.2 million.
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 | BB/BBB | XS0244893375 | 024489337 |
| 53 | D1 Floating Rate | 2030 | Now fully amortised | 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 4 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 >
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