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Aroundtown starts cash tender offer for two notes due 2025
Chicago, Jan. 11 – Aroundtown SA commenced cash tender offers for up to €300 million principal amount from two series of notes on Wednesday, according to an announcement.
The company is offering to buy notes from the €700 million outstanding 1% notes due Jan. 7, 2025 (ISIN: XS1715306012) with a first optional redemption date of Oct. 7, 2024 and from the €800 million outstanding 0.625% notes due July 9, 2025 (ISIN: XS2023872174) with a first optional redemption date of April 9, 2025.
The tender considerations will be determined through an unmodified Dutch auction procedure, meaning that noteholders may be paid different prices for their tendered notes.
The minimum purchase price is 84.75 for the 1% notes and 80.875 for the 0.625% notes. Accrued interest will also be paid.
Noteholders may either tender their notes non-competitively or with competitive tender instructions that specify a price.
Non-competitive tender instructions will be prioritized and tendering noteholders who deliver non-competitive instructions will receive the minimum purchase price.
Tenders may be prorated.
The expiration deadline is 11 a.m. ET on Jan. 17.
Results will be announced on Jan. 18.
Settlement is planned for Jan. 20.
BofA Securities Europe SA (+33 1 87 70 10 57, DG.LM-EMEA@bofa.com) and Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) are the dealer managers.
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, aroundtown@is.kroll.com).
The company is aiming to proactively manage its debt maturities with the offer.
Aroundtown is a Luxembourg-based commercial real estate company.
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