By Paul A. Harris
Portland, Ore., June 13 Globalworth Real Estate Investments Ltd. priced 550 million of 2 7/8% five-year eurobonds (Ba2/BB+), according to a company press release.
We are delighted by the strong interest shown from international investors in our inaugural eurobond transaction and a landmark bond issue for a real estate investment company active in the broader CEE region, said Dimitris Raptis, the company's deputy CEO and chief investment officer, in the news release.
With this transaction we are greatly simplifying our debt capital structure, significantly reducing our average cost of debt and further increasing our war chest for the next phase of our growth in Romania and the broader CEE region, predominantly in Poland, Raptis added.
Deutsche Bank, JPMorgan and UBS Investment Bank were the joint bookrunners.
The issuer is a Guernsey-based real estate company formed to take advantage of investment opportunities in the Southeastern Europe and Central and Eastern Europe markets, with a primary focus on properties located in Romania.
| Issuer: | Globalworth Real Estate Investment Ltd.
|
| Amount: | 550 million
|
| Maturity: | June 20, 2022
|
| Securities: | Eurobonds
|
| Bookrunners: | Deutsche Bank, JPMorgan, UBS Investment Bank
|
| Co-managers: | BT Capital Partners and Rand Merchant Bank
|
| Coupon: | 2 7/8%
|
| Announcement date: | June 13
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Regulation S
|
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