EM-focused CPI Property to price euro-denominated sustainability-linked notes

By Rebecca Melvin

Concord, N.H., Jan. 7 – CPI Property Group is launching an offering of euro-denominated sustainability-linked senior notes, expected to comprise an eight-year deal in an amount at least equal to that needed to fund redemption of two existing notes, according to a market source on Friday.

The new notes are being issued subject to market conditions under CPI’s euro medium-term note program.

Proceeds are earmarked to finance issuer call options of the company’s $450 million 4ľ% notes due March 8, 2023 (ISIN: XS1955030280) and €825 million 2 1/8% notes due Oct. 4, 2024 (ISIN: XS1693959931).

The amount currently outstanding in these notes is $376,893,000 for the 2023 notes and €239,405,000 for the 2024 notes. Any remaining proceeds will be used for general corporate purposes.

Exercise of the call options is contingent on the receipt of sufficient proceeds from the new issuance, which is expected to price on Jan. 10.

CPI Property is a Luxembourg-based real estate company focused on property investments in Central and Eastern Europe.

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