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Grand City tenders for 150 million notes from three series
By Marisa Wong
Los Angeles, May 22 Grand City Properties SA is offering to purchase up to 150 million aggregate principal amount of notes from three series, according to a notice.
The company is making the offer to holders of the following series:
600 million 1.7% series W notes due 2024 (ISIN: XS2154325562), 204.7 million of which is outstanding, with a minimum purchase price of 96.1;
550 million 1.5% series E notes due 2025 (ISIN: XS1220083551), 205.6 million of which is outstanding, with a minimum purchase price of 92.25; and
600 million 1.375% series G notes due 2026 (ISIN: XS1654229373), all of which is outstanding, with a minimum purchase price of 83.
The purchase price will be determined under an unmodified Dutch auction procedure.
The company will also pay accrued interest.
The company said it reserves the right to increase the maximum acceptance amount or purchase notes in an aggregate principal amount less than the cap. The company will determine the series acceptance amounts at its discretion and may accept more or less of any series with respect to any other series.
For any series, the company will accept for purchase all notes tendered under non-competitive instructions if it accepts for purchase any notes tendered under competitive instructions. If the company accepts a non-competitive tender instruction, the relevant noteholder will receive the minimum purchase price for the notes of the relevant series.
Tenders may be subject to proration.
The expiration deadline for tender instructions is 11 a.m. ET on May 26.
Results will be announced on May 30.
Settlement is slated for May 31.
BofA Securities Europe SA (+33 1 87 70 10 57; DG.LM-EMEA@bofa.com) and J.P. Morgan SE (liability_management_EMEA@jpmorgan.com) are dealer managers for the tender offer, and Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Thomas Choquet; gcp@is.kroll.com; https://deals.is.kroll.com/gcp) is the tender agent.
The purpose of the offer is to proactively manage the companys debt maturity profile.
Grand City Properties is a Luxembourg-registered specialist real estate company focused on investing in and managing value-added opportunities in the real estate property market in Germany, primarily in densely populated areas.
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