By Paul A. Harris
Portland, Ore., July 29 – Grand City Properties SA priced a €100 million add-on to its 3¾% hybrid perpetual notes (Ba1/BB+) on Wednesday, according to a company press release.
Morgan Stanley was the bookrunner, according to a market source.
The Luxembourg-based specialist real estate company plans to use the proceeds to fund its growth strategy.
| Issuer: | Grand City Properties SA
|
| Amount: | €100 million
|
| Maturity: | Perpetual
|
| Securities: | Hybrid perpetual notes
|
| Bookrunner: | Morgan Stanley
|
| Coupon: | 3¾%
|
| Trade date: | July 29
|
| Settlement date: | Aug. 4
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Listing: | Irish Stock Exchange
|
| Previous amount: | €400 million (includes €250 million priced at 97.04 in March 2015)
|
| Fungibility: | Add-on notes will be fungible with the previously outstanding notes
|
| Total issue size: | €500 million
|
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