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Citycon gives tender results for notes due 2024, capital securities
Chicago, Jan. 17 Citycon Oyj provided tender results relating to three series of notes or securities from an offer started on Jan. 9, according to a press release.
The three separate invitations covered up to a total purchase consideration of 75 million for the three series, with pricing determined through an unmodified Dutch auction.
The company said that it will be accepting 57,393,000 principal amount of the securities, including all securities tendered via non-competitive tender instructions.
The total purchase consideration will be 41,429,025.08, funded with cash from the companys balance sheet.
The company is accepting the following amounts from the offers:
13,883,000, or all tendered, of the 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;
22,365,000, or 70.25% of the tendered securities, of the 350 million subordinated fixed-to-reset rate 5.25-year non-call undated green capital securities issued on Nov. 22, 2019 (ISIN: XS2079413527); and
21,145,000, or 66% of the tendered amount, of the 350 million subordinated fixed-to-reset rate 5.25-year non-call undated green capital securities issued on June 4, 2021 (ISIN: XS2347397437).
After settlement, this will leave 480,117,000 of the guaranteed notes, 327,635,000 of the 2019 securities and 328,855,000 of the 2021 securities outstanding.
Settlement is planned for 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) are acting as dealer managers for the Regulation S offers.
Kroll Issuer Services Ltd. (+44 20 7704 0880; citycon@is.kroll.com; https://deals.is.kroll.com/citycon) is tender agent.
The company previously 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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