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Atrium begins 300 million tender for 4%, 3 5/8% notes via new issue
By Susanna Moon
Chicago, May 25 Atrium European Real Estate Ltd. said it is offering to pay up to 300 million in a tender offer for two series of notes using proceeds of a new issue.
The company is tendering for 335.05 million outstanding of its original 350 million 4% notes due April 2020 and the 498,588,000 outstanding of its 500 million 3 5/8% notes due October 2022.
The tender offers will end at 11 a.m. ET on June 4.
Pricing will be set at 8 a.m. ET on June 5 using a purchase yield of the interpolated mid-swap rate plus 25 basis points for the 2020 notes and 60 bps for the 2022 notes, according to a company announcement.
Holders also will receive accrued interest.
Settlement will occur on June 12.
The 3 5/8% notes have a call option exercisable on July 17, 2022.
Along with the offers, Atrium plans to price at least 300 million of senior eurobonds with a maturity of seven to eight years under Regulation S, the release noted.
Proceeds from the issue will be used to fund the offers and for general corporate purposes.
The purpose of the offers is to proactively manage the offeror's debt redemptions and to extend the debt maturity profile of the offeror, according to a separate press release.
The tender is conditioned on the issue of the new notes.
Deutsche Bank AG, London Branch (+44 20 7545 8011) and HSBC Bank plc (+44 20 7992 6237 or LM_EMEA@hsbc.com) are the dealer managers. Deutsche Bank AG, London Branch (xchange.offer@db.com) is the tender agent.
Atrium is a Jersey, Channel Islands, company that owns, operates and develops shopping centers in Central and Eastern Europe.
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