Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2023 > News item |
CPI Property offers to buy up to €250 million notes from three series
By Marisa Wong
Los Angeles, April 4 – CPI Property Group announced cash tender offers for three series of senior notes and is proposing to accept up to €250 million aggregate principal amount of notes across all the offers.
The company is offering to purchase notes from the following series:
• €750 million outstanding 2¾% senior notes due May 12, 2026 (ISIN: XS2171875839) at a minimum purchase price of 80.5;
• €750 million outstanding 1 5/8% senior notes due April 23, 2027 (ISIN: XS2069407786) at a minimum purchase price of 70.9; and
• £400 million outstanding 2¾% senior notes due Jan. 22, 2028 (ISIN: XS2106589471) at a minimum purchase price of 69.8.
The actual purchase prices will be determined through an unmodified Dutch auction procedure.
The company will also pay accrued interest.
Notes tendered with non-competitive instructions – tenders that do not specify a purchase price or specify a purchase price at or below the minimum price – have priority in acceptance over notes tendered with competitive instructions – tenders specifying a purchase price above the minimum price.
Tenders may be subject to proration.
The offers will expire at 11 a.m. ET on April 14.
Settlement is expected to take place on April 21.
The offers are intended to reduce the company’s total debt and decrease the volume of the company’s outstanding senior bonds.
The dealer managers are Banco Santander, SA (LiabilityManagement@gruposantander.com), MUFG Securities (Europe) NV (liability.management@mufgsecurities.com), Societe Generale (liability.management@sgcib.com) and UniCredit Bank AG (corporate.lm@unicredit.de).
Kroll Issuer Services Ltd. (attn.: Jacek Kusion; +44 20 7704 0880; cpi@is.kroll.com; https://deals.is.kroll.com/cpi) is the tender agent.
CPI Property is a Luxembourg-based real estate company focused on property investments in Central and Eastern Europe.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.