By Rebecca Melvin
New York, March 23 – Globalworth Real Estate Investments Ltd. priced €550 million 3% notes due 2025 (expected ratings: Ba1/BBB-) on Thursday at 99.225 to yield 3.13%, according to market sources.
Pricing came inside of yield range guidance of 3 1/8% to 3¼%, which was tightened from initial talk in the area of 3 3/8%.
Order books stood in excess of €1.3 billion ahead of the deal launch.
Deutsche Bank, JPMorgan, Morgan Stanley and UBS Investment Bank are the bookrunners for the Regulation S notes, which were sold under Globalworth’s €1.5 billion euro medium-term note program.
Proceeds will be used to refinance the company’s secured debt of the recently acquired Polish real estate company Griffin Premium RE, which totals €306 million. The balance will fund acquisitions and development.
The Guernsey-based real estate investment and services company focuses on properties located in Poland and Romania.
| Issuer: | Globalworth Real Estate Investments Ltd.
|
| Amount: | €550 million
|
| Maturity: | March 29, 2025
|
| Description: | Senior notes
|
| Bookrunners: | Deutsche Bank, JPMorgan, Morgan Stanley and UBS
|
| Coupon: | 3%
|
| Price: | 99.225
|
| Yield: | 3.13%
|
| Trade date: | March 22
|
| Settlement date: | March 29
|
| Ratings: | Moody’s: Ba1
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | Guided to 3 1/8%-3¼%, from initial price talk in 3 3/8% area
|
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