Nexity launches buyback offer for up to €270 million Oceanes due 2023

By Marisa Wong

Los Angeles, April 13 – Nexity announced it is offering to purchase its Oceanes due 2023 (ISIN: FR0013170925). The entire €269,999,943.80 initial issue amount, corresponding to 4,199,066 Oceanes, remains outstanding, according to a press release.

Nexity will conduct a reverse bookbuilding process on Tuesday to determine the repurchase price for the 2023 Oceanes. Joint dealer managers will collect indications of interest to sell the 2023 Oceanes at a price between €66.60 and €66.90 per security.

Settlement is expected to occur on April 20.

The company said it may decide to cancel the buyback, as well as its concurrent issuance of new Oceanes due 2028, if holders of less than 60% of the 2023 Oceanes indicate interest in the offer.

However, the bookbuilding process for the new bonds is independent of the reverse bookbuilding for the existing bonds, and the allocation of the new bonds is not conditioned on the indications of interest to sell the existing bonds, the company noted.

Nexity is a Paris-based real estate group.

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