Unibail-Rodamco begins any and all, capped tender for several notes

By Susanna Moon

Chicago, April 20 – Unibail-Rodamco SE said it began a tender offer for any and all of two series of notes and a maximum offer for several more note series.

In the maximum offer, Unibail is offering to purchase for cash up to an aggregate maximum tender amount of €500 million less the aggregate principal amount of the first priority notes purchased and, for the third-priority notes, of the first priority notes and the second priority notes accepted for purchase, according to a company announcement.

The company is offering to purchase any and all of the first priority notes, as follows:

• €700 million (€643,322,000 outstanding) 3.875% notes due Nov. 5, 2020 with a tender price of 117.512%; and

• €700 million 2.5% notes due June 12, 2023 with pricing to be set at 9 a.m. ET on April 27 using the yield of the June 2023 notes interpolated reference rate plus 25 basis points.

The second priority notes are as follows:

• €750 million (€457,138,000 outstanding) 3% notes due March 22, 2019 with a tender price of 108.688%; and

• €750 million (€430.33 million outstanding) 2.375% notes due Feb. 25, 2021 with a tender price of 111.46%.

Finally, the company also is offering to buy back some of its third priority notes, as follows:

• €500 million (€258,346,000 outstanding) 1.625% notes due June 26, 2017 with a tender price of 101.883;

• €500 million (€297,998,000 outstanding) 3.875% notes due Dec. 13, 2017 with a tender price of 106.289;

• €750 million (€461,594,000 outstanding) 2.25% notes due Aug. 1, 2018 with a tender price of 105.078; and

• €500 million (€244,059,000 outstanding) 1.875% notes due Oct. 8, 2018 with a tender price of 104.58.

The company is tendering for the notes to optimize its debt maturity profile “in view of current market conditions.”

For the first priority notes only, a holder that subscribes for new notes in addition to tendering the first priority notes may receive priority in the allocation of the new notes, the company said.

To receive priority in the allocation of new notes, holders of the first priority notes may contact Ana Chisacof, Merrill Lynch International, at +44 207 996 1103.

If less than €100,000 principal amount of the first priority notes is tendered, no priority allocation amount will be given for an electronic instruction notice.

The tender offer will end at 11 a.m. ET on April 26, with settlement expected to occur on April 29.

The results of the offer are expected to be released on April 27.

Electronic instruction notices must be submitted for a minimum principal amount of €100,000 and in integrals of €1,000 after that for the June 2023 notes, the February 2021 notes, the March 2019 notes, the June 2017 notes, the December 2017 notes, the August 2018 notes and the October 2018 notes and for €50,000 and in integrals of €1,000 after that for the November 2020 notes.

The global co-ordinator and structuring adviser is BofA Merrill Lynch (+44 20 7996 1103 or DG.LM_EMEA@baml.com). The dealer managers are BofA Merrill Lynch (+44 20 7996 1103 or DG.LM_EMEA@baml.com), HSBC Bank plc (+44 20 7992 6237 or liability.management@hsbcib.com), Credit Agricole Corporate and Investment Bank (+44 207 214 5733 or liability.management@ca-cib.com) and Natixis (+33 1 58 55 82 66 or liability.management- corporate@natixis.com).

The tender and information agent will be Lucid Issuer Services Ltd. (Thomas Choquet / Victor Parzyjagla, +44 20 7704 0880 or unibail-rodamco@lucid-is.com).

The company is a Paris-based real estate investment trust.

© 2015 Prospect News.
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