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Grand City accepts 76.7 million of notes from 150 million offer
Chicago, May 30 Grand City Properties SA announced the results from its offer to purchase up to 150 million aggregate principal amount of notes from three series, according to a notice.
The company is accepting for purchase the following tendered amounts:
54.9 million accepted of the 600 million 1.7% series W notes due 2024 (ISIN: XS2154325562), 204.7 million of which was outstanding, with a minimum purchase price of 96.1;
9.2 million accepted of the 550 million 1.5% series E notes due 2025 (ISIN: XS1220083551), 205.6 million of which was outstanding, with a minimum purchase price of 92.25; and
12.6 million accepted of the 600 million 1.375% series G notes due 2026 (ISIN: XS1654229373), all of which was outstanding, with a minimum purchase price of 83.
The purchase price was determined under an unmodified Dutch auction procedure.
Accordingly, Grand City is paying 52,764,900 for the series W notes, 8,491,750 for the series E notes and 10,482,000 for the series G notes, excluding interest.
The aggregate total of principal amount of notes being accepted is 76.7 million and the company is paying 71,738,650 total.
Following settlement, there will be 149.8 million of the series W notes outstanding, 196.4 million of the series E notes outstanding and 587.4 million of the series G notes outstanding.
The company will also pay accrued interest.
The expiration deadline for tender instructions was 11 a.m. ET on May 26.
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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