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Published on 1/11/2022 in the Prospect News Emerging Markets Daily, Prospect News Green Finance Daily and Prospect News Liability Management Daily.

NE Property offers to purchase €500 million 2 5/8% notes due 2023

By Rebecca Melvin

Concord, N.H., Jan. 11 – NE Property BV is offering to purchase for cash any and all of its outstanding €500 million 2 5/8% notes due May 22, 2023, according to a market source.

The notes (ISIN: XS1996435928) are guaranteed by NEPI Rockcastle plc, and the invitation to holders to tender the notes was made on Monday, subject to completion of NEPI’s planned new issue of green notes with an eight- or 10-year maturity.

The tender expiration deadline is set for Jan. 17. A holder that has validly tendered, or indicated its firm intention to tender, may receive priority in the allocation of the new notes.

The new notes are being sold via Citigroup, ING, JPMorgan, Societe Generale and UniCredit as joint bookrunners, and they are arranging a global investor call and series of fixed-income investor calls on Tuesday.

Proceeds of the new notes will be used to refinance a portfolio of eligible green projects in line with the group's green finance framework.

The new Regulation S notes are being sold under a €4 billion guaranteed euro medium-term note program and subject to market conditions.

U.K.-based NEPI Rockcastle is the owner and operator of commercial real estate in Central and Eastern Europe.


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