By Susanna Moon
Chicago, Nov. 17 - Plaza Centers NV said it completed the first tranche of a bond offering to Polish institutional investors for PLN 60 million.
The bonds are due in three years and bear interest at six-month Polish Wibor plus 450 basis points.
The company said it plans to enter into a euro-Polish zloty cross-currency interest rate swap in order to hedge the expected payment.
The issuance is part of a PLN 300 million program of offerings in several tranches, which have been approved for issuance between July and the end of 2016 as part of a long-term strategic financing plan, according to a company press release.
Plaza Centers is an emerging markets property developer based in Amsterdam.
| Issuer: | Plaza Centers NV
|
| Issue: | Notes
|
| Amount: | PLN 60 million
|
| Maturity: | Three years
|
| Coupon: | Six-month Polish Wibor plus 450 bps
|
| Settlement date: | Nov. 17
|
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