July 12, 2003	Saturday	Jumadi-ul-Awwal 11, 1424

LONDON, July 11: The British Broadcasting Corporation (BBC) sold an 800 million pound bond — its first — on Friday, raising funds for the redevelopment of its London headquarters, Broadcasting House.

The deal, which matures on August 10, 2033, was priced to yield 52 basis points more than UK gilts, less than the 55 basis point premium indicated prior to launch.

The bond, which totalled 813.32 million pounds, pays a quarterly 5.0636 per cent coupon and is being issued via special purpose vehicle Juturna (European Loan Conduit No. 16) Plc.

The transaction is being lead managed by Morgan Stanley and Royal Bank of Scotland.

The bond sale will help refinance a loan from Morgan Stanley Dean Witter Principal Funding Inc for the redevelopment of the BBC’s London headquarters.—Reuters