Summit Properties unit offers to buy up to €75 million of 2025 notes

By Marisa Wong

Los Angeles, July 28 – Summit Properties Ltd.’s wholly owned subsidiary, Summit Luxco Sarl, is offering to purchase for cash up to €75 million of the parent company’s €300 million 2% senior notes due 2025 (ISIN: XS1757821688), according to a notice.

Pricing will be determined under modified Dutch auctions. The minimum purchase price at which Summit Luxco may purchase notes in the tender offer is 87% of par.

The offer will expire at 11 a.m. ET on Aug. 3 and is expected to settle on Aug. 5.

Results are expected to be announced on Aug. 4.

The offeror noted that it will only accept tenders with respect to the Regulation S notes (ISIN: XS1757821688) and will not accept tenders with respect to the Rule 144A notes (ISIN: XS1757821506).

The company said it is undertaking the tender offer in order to optimize and proactively manage the group’s cash, debt profile and capital structure and expects to hold the notes purchased under the tender offer (if any) as treasury notes. The offeror intends to fund the aggregate tender offer consideration and aggregate accrued interest payment on notes accepted for purchase from available liquidity.

J.P. Morgan SE (attn.: EMEA liability management group; liability_management_EMEA@jpmorgan.com) is dealer manager for the tender offer.

Kroll Issuer Services Ltd. (attn.: Jacek Kusion; +44 20 7704 0880; summit@is.kroll.com; https://deals.is.kroll.com/summit) is tender agent.

Formerly Summit Germany Ltd., Summit Properties is a German commercial real estate company with a registered office in Guernsey.

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