By Susanna Moon
Chicago, Feb. 13 – Grand City Properties SA said it sold €120 million of 3¾% perpetual hybrid notes (Ba1/BB) in a private placement.
The notes were placed in denominations of €100,000 and were exclusively offered to institutional investors at issue price of 96.3% of par, and they will be traded on the Irish Stock Exchange.
Proceeds will be used to fund the company’s acquisitions growth strategy.
Luxembourg-based Grand City Properties is a residential property investment company focused on real estate in Germany.
| Issuer: | Grand City Properties SA
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| Issue: | Hybrid notes
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| Amount: | €120 million
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| Maturity: | Perpetual
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| Coupon: | 3¾%
|
| Price: | 96.3 of €100,000
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| Pricing date: | Feb. 12
|
| Settlement date: | Feb. 18
|
| Ratings: | Moody’s: Ba1
|
| S&P: BB
|
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