BCRE-Brack issues make-whole call for $100.99 million of 6.5% bonds

By Susanna Moon

Chicago, Nov. 27 – BCRE-Brack Capital Real Estate Investments NV issued a redemption notice for its $100,988,100 of outstanding 6.5% fixed-rate bonds due 2022.

The bonds will be redeemed on Dec. 13 at a make-whole price.

The make-whole amount will be the higher of par and the aggregated amount of scheduled payments, discounted to the optional redemption date on an annual basis at the reference bond rate plus a margin of 320 basis points per year, according to a company notice.

On Dec. 5, 10% of the initial principal amount of the bonds will be redeemed, as scheduled, the release noted.

BCRE-Brack issued $112,209,000 of the notes.

As announced Nov. 22, the bonds were issued under the company’s $180 million program established in 2014.

Based in the Amsterdam, Brack is a real estate development and investment group.

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