Unibail-Rodamco begins any and all, capped tender for nine note series

By Susanna Moon

Chicago, Nov. 15 – Unibail-Rodamco SE said it began a tender offer for any and all of two series of notes and a maximum offer for seven more note series.

The company is offering to purchase any and all of the following notes:

• €700 million (€557,011,000 outstanding) 2.5% notes due June 12, 2023 with pricing to be set using the yield of the 2023 notes interpolated reference rate plus 4 basis points; and

• €750 million 1.375% notes due Oct. 17, 2022 with pricing to be set using the yield of the 2022 notes interpolated reference rate plus 3 bps.

In the maximum offer, Unibail-Rodamco is offering to purchase for cash up to €200 million principal amount of seven series of notes, as follows:

• €750 million (€418.38 million outstanding) 2.375% notes due Feb. 25, 2021 with pricing to be set using the 2021 notes interpolated reference rate plus a fixed spread of 9 bps;

• €700 million (€633,137,000 outstanding) 3.875% notes due Nov. 5, 2020 with pricing to be set using the 2020 notes interpolated reference rate plus 1 bp;

• €750 million (€440,444,000 outstanding) 3% notes due March 22, 2019 with pricing to be set using the 2019 notes interpolated reference rate plus 3 bps;

• €500 million (€194,359,000 outstanding) 1.875% notes due Oct. 8, 2018 with pricing to be set using the October 2018 notes interpolated reference rate plus 4 bps;

• €750 million (€431,414,000 outstanding) 2.25% notes due Aug. 1, 2018 with pricing to be set using the August 2018 notes interpolated reference rate minus 2 bps;

• €500 million (€291.62 million outstanding) 3.875% notes due Dec. 13, 2017 with pricing to be set using a tender yield of negative 0.2%; and

• €500 million (€244,148,000 outstanding) 1.625% notes due June 26, 2017 with pricing to be set using a tender yield of negative 0.2%.

The tender price will be 104.284% for the December 2017 notes and 101.067% for the June 2017 notes, each assuming a settlement date of Nov. 25.

If the capped offers are oversubscribed, the company will determine the allocation of the tender amount between each note series at its discretion and reserves the right to accept significantly more or less of any series compared with another series, according to a company announcement.

The tender offers will end at 11 a.m. ET on Nov. 22.

Holders must submit electronic instruction notices for a minimum of €100,000 principal amount and in integrals of €1,000 after that for the June 2023 notes, the 2022 notes, the 2021 notes, the 2019 notes, the October 2018 notes, the August 2018 notes, the December 2017 notes and the June 2017 notes and €50,000 for the 2020 notes and in integrals of €1,000 after that.

The dealer managers are Barclays Bank plc (+44 0 20 3134 8515 or eu.lm@barclays.com), J.P. Morgan Securities plc (+44 20 7134 2468 or emea_lm@jpmorgan.com), BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and Societe Generale (+ 33 1 42 13 32 40 or liability.management@sgcib.com).

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

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

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