Citycon gives results of capped tender offer for 2.5% notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., May 30 – Citycon Oyj gave results of its capped tender offer for its 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, according to a Monday press release.

The company will accept for purchase all €138,275,000 in total principal amount of securities validly tendered.

As previously reported, the company was offering to purchase the securities at €975 per €1,000 principal amount. The total purchase consideration will be €137,110,080.32 including accrued interest.

Citycon capped the offer at €175 million, including accrued interest.

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

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

Settlement is expected to be on May 31. The purchase of the notes will be funded by cash.

After settlement, €319,342,000 will remain outstanding.

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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