Citycon launches capped tender offer for 2.5% notes due 2024

By Marisa Wong

Los Angeles, May 22 – Citycon Oyj is inviting holders of the outstanding €457,617,000 2.5% guaranteed notes due Oct. 1, 2024 (ISIN: XS1114434167) issued by Citycon Treasury BV in separate tranches on Oct. 1, 2014 and June 10, 2020, to tender their securities for purchase for cash, according to a Monday press release.

Citycon is offering to purchase up to a maximum principal amount of notes such that the total purchase consideration for securities tendered and accepted for purchase, including interest, does not exceed €175 million.

The company is offering a purchase price of €975 per €1,000 principal amount.

The purpose of the offer is, among other things, to deleverage the company’s balance sheet and manage its debt maturity profile.

The offer expires at 11 a.m. ET on May 26.

Results will be announced on May 29.

Settlement is expected to be on May 31.

Danske Bank A/S (+45 33 64 88 51; liabilitymanagement@danskebank.dk), Deutsche Bank AG (+44 20 7545 8011) and Skandinaviska Enskilda Banken AB (+44 78 1842 6149; liabilitymanagementdcm@seb.se) are dealer managers for the offer.

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

Citycon is a Helsinki, Finland-based owner, manager and developer of mixed-use real estate.

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