Neinor Homes begins tender offer for up to €100 million of 2026 notes

By Marisa Wong

Los Angeles, Feb. 23 – Neinor Homes, SA announced an offer to purchase for cash its outstanding €300 million 4½% senior secured notes due 2026 (ISIN: XS2332219612).

Neinor is offering to purchase up to a maximum acceptance amount of €100 million aggregate principal amount.

The notes will be purchased at prices to be determined under an unmodified Dutch auction procedure. The minimum purchase price is 90. The company will also pay accrued interest.

Non-competitive tenders – tender instructions that either do not specify a purchase price or specify a purchase price less than or equal to the minimum purchase price – have priority in acceptance over competitive tenders – tender instructions that specify a purchase price greater than the minimum purchase price.

Tenders may be subject to proration.

The offer expires at 11 a.m. ET on March 1. Results will be announced as soon as practicable on the business day after the expiration deadline.

The offer is expected to settle on March 3.

J.P. Morgan SE (+44 20 7134 4353; liability_management_EMEA@jpmorgan.com) is the dealer manager.

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

The real estate development company is based in Bilbao, Spain.

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