Unibail-Rodamco-Westfield holders swap 92% of their 2023 hybrid notes

By Devika Patel

Knoxville, Tenn., July 21 – Unibail-Rodamco-Westfield SE said holders of €1.15 billion, or 92%, of the company’s €1.25 billion hybrid perpetual noncallable 2023 notes (ISIN: FR0013330529) validly tendered their notes in the company’s June 20 exchange offer.

There was a minimum exchange condition for €500 million of the notes, and the company will accept all notes tendered.

The offer ended at 10 a.m. ET on June 26.

The company offered a par-for-par deal, with the new euro-denominated deeply subordinated perpetual resettable noncallable hybrid notes carrying a 7.25% interest rate.

As a result, €995 million of new notes will be issued and a total cash amount of €155 million will be paid to the participating holders at settlement.

In accordance with the terms and conditions, the coupon of the old notes that were not exchanged will reset on Oct. 25, 2023 to the aggregate of the then-prevailing five-year mid-swap rate and the relevant margin, which is 1.675% per annum.

BNP Paribas (+33 1 4298 4419, paris.bp2s.information.agent@bnpparibas.com) is the information and exchange agent for the offer.

Unibail-Rodamco-Westfield is a Paris-based real estate investment trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.