S&P rates Globalworth notes BB

S&P said it assigned a BB rating to Globalworth Real Estate Investments Ltd.’s planned senior unsecured notes due in 2029 and 2030 and placed the BB+ issue rating on its existing senior unsecured notes on CreditWatch with negative implications.

Globalworth announced a voluntary debt exchange offer for its senior unsecured notes of €450 million due 2025 and €400 million due 2026 into two new senior unsecured notes, due in 2029 and 2030, with an offered coupon of 6Ό% plus non-cash return in the form of payment-upon-redemption of 2%.

“Pro forma the conclusion of the exchange offer, Globalworth has significantly reduced its refinancing risks over the next few years as it has extended the average maturity profile of its debt to above five years, with limited maturities until 2029. Globalworth currently has a €450 million bond due March 2025 and a €400 million bond due July 2026, which together comprise about 53% of its total outstanding debt,” the agency said in a press release.

The exchange is expected to be completed in April.

The outlook is negative.

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