Lar Espana offers to buy 2026, 2028 green notes for up to €100 million

By Marisa Wong

Los Angeles, Jan. 9 – Lar Espana Real Estate Socimi, SA announced an invitation to holders of its outstanding €400 million 1.75% senior green notes due 2026 (ISIN: XS2363989273) and €300 million 1.843% senior green notes due 2028 (ISIN: XS2403391886).

The company is offering to purchase the notes for cash at prices to be determined under an unmodified Dutch auction procedure, up to an aggregate cash consideration (excluding accrued interest) of €100 million.

The minimum purchase price is 81.75 for the 2026 notes and 72.5 for the 2028 notes.

Non-competitive tender instructions are tender instructions that either do not specify a purchase price or specify a purchase price less than or equal to the minimum purchase price. Competitive tender instructions are tender instructions that specify a purchase price greater than the minimum purchase price.

For each series, the company will first accept for purchase an aggregate principal amount of notes tendered by way of non-competitive tender instructions up to the relevant series acceptance amount; and if the aggregate principal amount of those non-competitive tendered notes is less than the relevant series acceptance amount, then the company may accept for purchase any notes tendered under competitive tender instructions, such that the aggregate principal amount of notes accepted for purchase is equal to the relevant series cap.

If the company decides to accept any notes tendered by way of non-competitive or competitive tender instructions for any series, the company reserves the right to accept significantly more or less (or none) of the notes of any one series as compared to the notes of the other series, even if those other notes are tendered with an equivalent or lower purchase price.

Tenders may be subject to proration.

The offer expires at 11 a.m. ET on Jan. 13. Results will be announced on the business day after that.

Settlement is slated for Jan. 19.

Non-U.S. persons located outside the United States under Regulation S are eligible to participate.

J.P. Morgan SE (+44 20 7134 2468; liability_management_EMEA@jpmorgan.com) is the dealer manager for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; lar@is.kroll.com; https://deals.is.kroll.com/lar) is the tender agent.

The company said the purpose of the offer is for it to manage its overall funding level and to reduce its gross debt, while maintaining a prudent approach to liquidity.

Lar Espana manages and invests in real estate assets, with offices in Madrid and Barcelona.

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