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

By Marisa Wong

Morgantown, W.Va., Nov. 23 – Unibail-Rodamco SE announced pricing and acceptance of its tender offers for nine series of notes.

Earlier on Wednesday the company said investors had tendered €619,797,000 of notes in the offer for any and all of two series and a maximum offer for seven more series.

Unibail-Rodamco accepted for purchase all of the €489,704,000 notes tendered in the any-and-all offer and €75,749,000 of notes in the capped offers, according to a company announcement.

The tender offers ended at 11 a.m. ET on Nov. 22. The offers began Nov. 15.

In the any-and-all offer, investors had tendered the following:

• €58,219,000 of the €700 million (€557,011,000 outstanding) 2.5% notes due June 12, 2023 with pricing set using the yield of the 2023 notes interpolated reference rate plus 4 basis points; and

• €431,485,000 of the €750 million 1.375% notes due Oct. 17, 2022 with pricing 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. Investors had tendered the following:

• €11,866,000 of the €11,866,000 of the €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, and none of those notes were accepted for purchase;

• €16,413,000 of the €700 million (€633,137,000 outstanding) 3.875% notes due Nov. 5, 2020 with pricing set using the 2020 notes interpolated reference rate plus 1 bp, and all of those notes were accepted for purchase;

• €11,564,000 of the €750 million (€440,444,000 outstanding) 3% notes due March 22, 2019 with pricing set using the 2019 notes interpolated reference rate plus 3 bps, and all of those notes were accepted for purchase;

• €13.65 million of the €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, and none of those notes were accepted for purchase;

• €28,828,000 of the €28,828,000 of the €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, and none of those notes were accepted for purchase;

• €20.75 million of the €500 million (€291.62 million outstanding) 3.875% notes due Dec. 13, 2017 with pricing set using a tender yield of negative 0.2%, and all of those notes were accepted for purchase; and

• €27,022,000 of the €500 million (€244,148,000 outstanding) 1.625% notes due June 26, 2017 with pricing set using a tender yield of negative 0.2%, and all of those notes were accepted for purchase.

The tender price is 114.027 for the 2023 notes, 106.614 for the 2022 notes, 115.227 for the 2020 notes, 107.191 for the 2019 notes, 104.284 for the December 2017 notes and 101.067 for the June 2017 notes.

The settlement date is expected to be Nov. 25.

The company previously said it would determine the allocation of the tender amount between each note series at its discretion and reserved the right to accept significantly more or less of any series compared with another series.

The dealer managers are Barclays Bank plc (+44 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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