Citycon begins tender offers for 2024 notes, two green perpetual series

By Marisa Wong

Los Angeles, Jan. 9 – Citycon Oyj announced separate invitations to holders of three series of notes to tender their notes for purchase up to a maximum acceptance amount such that the total purchase consideration does not exceed €75 million, according to a press release.

The offers are for the following series:

• €494 million 2.5% guaranteed notes due 2024 of Citycon Treasury BV guaranteed by Citycon Oyj (ISIN: XS1114434167) issued in separate tranches on Oct. 1, 2014 and June 10, 2020

• €350 million subordinated fixed-to-reset rate 5.25-year non-call undated green capital securities issued on Nov. 22, 2019 (ISIN: XS2079413527); and

• €350 million subordinated fixed-to-reset rate 5.25-year non-call undated green capital securities issued on June 4, 2021 (ISIN: XS2347397437).

Pricing will be determined under a separate unmodified Dutch auction for each series.

The minimum purchase price is 94.25 for the 2024 notes, 60 for the 2019 green notes and 51 for the 2021 green notes.

The company will also pay accrued interest for securities accepted for purchase.

The company will determine the series acceptance amount for each offer at its discretion, as long as the outstanding principal amount of the 2019 securities and the outstanding principal amount of the 2021 securities are not reduced by more than 10% in the aggregate across those two series.

Tenders may be subject to proration.

The offers expire at 11 a.m. ET on Jan. 13. Results will be announced on Jan. 16.

Settlement is expected to be on Jan. 18.

Deutsche Bank AG (+44 20 7545 8011), OP Corporate Bank plc (liabilitymanagement@op.fi; attn.: Thomas Ulfstedt) and Swedbank AB (publ) (+46 700 92 22; liabilitymanagement@swedbank.se; attn.: liability management) are acting as dealer managers for the Regulation S offers.

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

The company said the purpose of the offers is to deleverage its balance sheet and manage its debt maturity profile.

Citycon is an owner, manager and developer of mixed-use real estate located in urban hubs.

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