Carmila offers to buy €300 million in bonds maturing 2023 and 2024

By Cady Vishniac

Detroit, Nov. 16 – Carmila has launched offers to purchase up to €300 million of notes from its €600 million of bonds due Sept. 18, 2023 and its €587.8 million of bonds outstanding due Sept. 16, 2024 for an aggregate cash purchase price of up to €300 million, according to a news release.

Carmila is holding a global investor call to discuss the operation at 8:30 a.m. ET Nov. 17.

The tender offer expires at 10 a.m. ET on Nov. 20. The results of the offer will be announced by Nov. 23.

The company is planning an offering of new notes in the amount of €300 million at the conclusion of the tender offer. The bonds would be issued on Nov. 23.

The company says the tender and new issue will enable Carmila to optimize its bond maturities by redeeming its shorter-term bond debt and issuing longer-term bonds in its place, limit the surplus cash generated by the operation and manage its borrowing costs.

Carmila is a Boulogne-Billancourt, France-based commercial property holder specializing in shopping centers.

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