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Aroundtown accepts tenders for €142.9 million of 1.5% notes due 2024
By Sarah Lizee
Olympia, Wash., Feb. 4 – Aroundtown SA announced the results of its cash tender offer for any and all of its €650 million of 1.5% notes due 2024 (ISIN: XS1449707055) that expired at 11 a.m. ET on Feb. 3.
The company said Monday that it has decided to accept €142.9 million of the notes validly tendered, according to a press release.
The purchase price is 105.737, using the interpolated mid-swap rate of negative 0.3%, a clearing spread of 50 basis points and a purchase yield of 0.2%. The price was determined under a modified Dutch auction.
Pricing was set at 6 a.m. ET on Feb. 4.
Holders will also receive accrued interest.
Settlement is expected for Feb. 6.
The company said it might purchase further notes in the open market or otherwise. If 80% or more of the notes have been purchased or redeemed, the company will have the option to redeem all of the then outstanding notes at par plus accrued interest, if any, to but excluding the redemption date.
The company said the offer follows the company's liability management strategy, both reducing the cost of debt and extending the average debt maturity period. Also, following the company’s long-term strategic goal to achieve an A global rating, the company said it would like to have the option to redeem shorter and more expensive debt.
The dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) and Deutsche Bank AG (+44 20 7545 8011). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, aroundtown@lucid-is.com).
The issuer is a Luxembourg-based real estate company.
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