Merlin Properties converts seven series of bonds to green bonds

By Marisa Wong

Los Angeles, June 1 – Merlin Properties, Socimi, SA announced it has converted all seven series of its outstanding senior bonds into green bonds, according to a notice on Wednesday.

As a result, the issuer is committing to allocate an amount equivalent to the outstanding principal amount of each series, representing a total of about €4 billion, to eligible green assets in accordance with its green financing framework.

As announced on April 25, Merlin solicited consents from holders to convert each of the following series to green bonds:

• €850 million 2.225% bonds due April 25, 2023 (ISIN: XS1398336351), with €742,786,000 outstanding;

• €600 million 1.75% bonds due May 26, 2025 (ISIN: XS1619643015), all of which is outstanding;

• €800 million 1.875% bonds due Nov. 2, 2026 (ISIN: XS1512827095), all of which is outstanding;

• €500 million 2.375% bonds due July 13, 2027 (ISIN: XS2201946634), all of which is outstanding;

• €300 million 2.375% bonds due Sept. 18, 2029 (ISIN: XS1684831982), all of which is outstanding;

• €500 million 1.375% bonds due June 1, 2030 (ISIN: XS2347367018), all of which is outstanding; and

• €600 million 1.875% bonds due Dec. 4, 2034 (ISIN: XS2089229806), all of which is outstanding.

Each consent solicitation was originally set to expire at 6:30 a.m. ET on May 16, and the general meeting of holders for each series was originally scheduled for May 18.

Each consent solicitation was then reopened on May 18 and set to expire at 6:30 a.m. ET on May 30.

Adjourned meetings were held on June 1.

Each meeting originally required a quorum of one or more persons holding or representing a majority in principal amount of the relevant bonds. For the adjourned meeting, however, the quorum was one or more persons holding any principal amount of the outstanding bonds.

The majority required to pass the resolution presented at each meeting was three quarters of the votes cast.

The company did not offer bondholders a fee for consents.

Credit Agricole CIB (+44 20 7214 5733, attn.: liability management, liability.management@ca-cib.com) is the consent solicitation agent.

Kroll Issuer Services Ltd. (+44 20 7704 0880, attn.: David Shilson, merlin@is.kroll.co) is the tabulation and information agent.

Merlin Properties is a real estate investment trust based in Madrid.

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