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Grand City Properties gets tenders for €321 million 2% notes due 2021
By Susanna Moon
Chicago, July 31 – Grand City Properties SA said holders tendered €320.6 million of its €500 million of 2% notes due 2021.
The purchase price was set at 106.888% of par using a reference rate of 0.161% and a purchase yield of 0.361%, according to a company notice on Monday.
Pricing was set using a spread of 20 basis points over the interpolated mid-swap rate.
Holders also will receive accrued interest.
The tender ended at 11 a.m. ET on July 28, and pricing was set at 6 a.m. ET on July 31.
Settlement was planned for Aug. 3.
The company said it placed €600 million of 1.375% nine-year notes on July 25, which satisfied the new financing condition.
Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and J.P. Morgan Securities plc (+44 20 7134 2468 or emea_lm@jpmorgan.com) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or gcp@lucid-is.com) is the tender agent.
Grand City Properties is a Luxembourg-registered specialist real estate company focused on investing in and managing value-added opportunities in the real estate property market in Germany, primarily in densely populated areas.
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