Citycon launches tender offer for 2.5% guaranteed notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., Feb. 27 – 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 notice.

Citycon is offering to purchase any and all of the notes at a purchase price of €991.25 per €1,000 principal amount. Accrued interest will also be paid.

Tender instructions will be irrevocable except in limited circumstances.

The purpose of the offer is, among other things, to refinance the offeror’s short-term debt maturities and manage its debt maturity profile.

The offer is part of a refinancing transaction announced on Feb. 27 stating the company’s plan to issue, on or prior to the settlement and subject to market conditions, new euro-denominated senior notes, a portion of the net proceeds of which will be used to fund the tender offer.

Tendering noteholders who wish to subscribe to the new notes may receive priority allocation.

The offer expires at 11 a.m. ET on March 4.

Results will be announced on March 5.

Settlement is expected to be on March 7.

Danske Bank A/S (+45 33 64 88 51; liabilitymanagement@danskebank.dk) and Deutsche Bank AG (+44 20 7545 8011) are dealer managers for the offer.

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

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

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