CPI Property tenders for outstanding undated notes, notes due 2024

By Taylor Fox

New York, Jan. 19 – CPI Property Group announced tender offers for its outstanding €221,808,000 million 4 3/8% fixed rate resettable undated subordinated notes (ISIN: XS1819537132) and its €368,327,000 2 1/8% notes due Oct. 4, 2024 (ISIN: XS1693959931), according to a company announcement.

CPI Property is offering to purchase any and all of the undated notes at a price of 107 and up to €100 million of the 2024 notes.

The purchase price for the 2024 notes will be determined at 6 a.m. ET on Jan. 26.

Holders will also receive accrued interest.

If the caps are exceeded, notes may be accepted for purchase on a pro rata basis.

The tender offer expires at 11 a.m. ET on Jan. 25. Settlement is slated for Jan. 28.

The tender offer is conditioned on completion of an issuance of new notes. Holders who participate in the tender offer may be given allocation priority for the new notes.

Banco Santander SA (+44 7418 709-688, +44 7742 403-679; Tommaso.grospietro@santandercib.co.uk), HSBC Continental Europe (+44 20 7992 6237; LM_EMEA@hsbc.com) and J.P. Morgan AG (em_europe_lm@jpmorgan.com) are the delear managers.

Lucid Issuer Services Ltd. (+44 020 7704-0880, cpi@lucid-is.com) is the tender agent.

CPI Property is a Luxembourg-based real estate company focused on property investments in Central and Eastern Europe.

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