Aroundtown launches cash tender offers for two notes due 2022, 2026

By Marisa Wong

Los Angeles, Dec. 9 – Aroundtown SA launched cash tender offers for two series of its euro-denominated notes, according to a company announcement.

Aroundtown is offering to purchase its €500 million 1.875% notes due Jan. 19, 2026 (ISIN: XS1649193403), the entire principal amount of which is still outstanding. Pricing for the series I notes will be based on the interpolated mid-swap rate and a spread of 41 basis points.

The company is also offering to purchase its €600 million 0.375% fixed-rate standalone notes due Sept. 23, 2022 with a first call date on June 23, 2022, the entire principal amount of which is still outstanding. The maximum purchase yield for the series 37 notes is negative 0.45%.

In addition, the company will pay accrued interest to but excluding the settlement date.

The offers will expire at 11 a.m. ET on Dec. 15.

The company will determine pricing and the acceptance amounts at 6 a.m. ET on Dec. 16.

Settlement is expected to be on Dec. 20.

If after the settlement date 80% or more of the principal amount originally issued of either series has been purchased, the company will have the option to redeem the remaining notes at par plus accrued interest.

Tenders may be subject to proration.

The purpose of the offers is to reduce the cost of debt and extend the company’s average debt maturity period.

Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) and Goldman Sachs International (+44 20 7051 7385, liabilitymanagement.eu@gs.com) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Jacek Kusion, aroundtown@lucid-is.com) is the tender agent.

Aroundtown is a Luxembourg-based commercial real estate company.

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