Klepierre offers to buy back Corio’s 4.625% bonds following merger

By Angela McDaniels

Tacoma, Wash., April 8 – Klepierre SA launched a tender offer for €500 million of 4.625% bonds due January 2018 issued by Corio NV, according to a company news release.

Klepierre completed its merger with Corio on March 31.

The tender offer is expected to end on April 16.

In addition, Klepierre priced €750 million of eight-year bonds at 65 basis points over the swap rate, which translates into a coupon of 1%.

The company said the tender offer and new issue are aimed at optimizing the debt profile of the group while reducing its cost of funding.

Klepierre is a Paris-based real estate investment trust focused on shopping centers. Corio is a retail property management company based in Utrecht, the Netherlands.

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