Klepierre accepts €162.7 million 4.25% notes, €185.4 million 4% notes

By Angela McDaniels

Tacoma, Wash., Nov. 4 – Klepierre SA accepted €348.1 million principal amount of notes in its tender offer that began Oct. 28 and ended Nov. 3, according to a company announcement.

Specifically, the company accepted for purchase €162.7 million principal amount of its €689.1 million outstanding 4.25% notes due March 16, 2016 and €185.4 million principal amount of its €850 million outstanding 4% notes due April 13, 2017.

Neither series of notes was subject to proration.

The tender offer price is 105.764 for the 4.25% notes and 109.124 for the 4% notes. Holders will also receive accrued interest.

The price for the 4% notes was determined by reference to the 2017 interpolated mid-swap rate, which was 0.234%, plus zero basis points.

The settlement date is expected to be Nov. 6.

Following settlement of the tender offer, €526.4 million principal amount of 4.25% notes and €664.6 million principal amount of 4% notes will remain outstanding.

The tender offer was launched together with a €500 million offering of euro bonds due Nov. 6, 2024. The bonds priced at 72 bps above the swap rate, which translated into a 1.75% coupon.

The joint dealer managers for the tender offer were Societe Generale (44 20 7676 7579 or liability.management@sgcib.com) and Royal Bank of Scotland plc (44 20 7085 5991 or liabilitymanagement@rbs.com). The co-dealer manager was BNP Paribas (44 20 7595 8668 or liability.management@bnpparibas.com).

The information agent was BNP Paribas Securities Services (33 1 57 43 10 77 or paris.bp2s.information.agent@bnpparisbas.com).

BNP Paribas also acted as tender agent (33 1 55 77 61 60 or paris.bp2s.ost.ope.tcinbox@bnpparisbas.com).

Klepierre is a Paris-based real estate investment trust focused on shopping centers.

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