CTP accepts €250 million of notes from three series in upsized offer

By Mary-Katherine Stinson

Lexington, Ky., Feb. 5 – CTP NV announced it will accept up to a maximum acceptance amount of €250 million aggregate nominal amount of three series of its outstanding notes covered in its cash tender offer, according to multiple releases.

CTP will accept for purchase:

• €74,999,000 of the €500 million ½% notes due June 2025 (ISIN: XS2356029541), all of which was outstanding, at 95.126 to yield 4.238%, subject to a proration factor of 43.526%;

• €50,001,000 of the €650 million 2 1/8% notes due October 2025 (ISIN: XS2238342484), with €331,813,000 nominal amount outstanding, at 96.787 to yield 4.177%, subject to a proration factor of 43.6%; and

• €125 million of the €700 million 7/8% notes due January 2026 (ISIN: XS2434791690), all of which was outstanding, at 93.715 to yield 4.302%, subject to a proration factor of 66.468%.

The original maximum acceptance amount was €200 million.

The purchase price was calculated based on the interpolated mid-swap rate and a fixed purchase spread. The purchase spread is 85 bps for the June 2025 notes, 95 bps for the October 2025 notes and 125 bps for the 2026 notes.

The issuer will also pay accrued interest.

All notes accepted for purchase will be canceled.

Settlement is slated for Feb. 7.

Following settlement, €425,001,000, €281,812,000 and €575 million in aggregate nominal amount of the June 2025 notes, the October 2025 notes and the January 2026 notes, respectively, will remain outstanding and listed on Euronext Dublin.

The tender offers are subject to a new issue condition.

The dealer managers on the tender offer were BNP Paribas, Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE, Intesa Sanpaolo SpA, J.P. Morgan SE, KBC Bank NV and Morgan Stanley Europe SE.

The tender agent was Kroll Issuer Services Ltd.

CTP is a real estate company that owns and develops business parks in Central and Eastern Europe. The company has offices in Prague and Utrecht, The Netherlands.

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