Dream Global holders tender €450.2 million 1.375% notes, 1.75% notes

By Angela McDaniels

Tacoma, Wash., Nov. 25 – Dream Global Funding I Sarl received tenders for €227.4 million of its €375 million 1.375% senior notes due 2021 and €222.8 million of its €300 million 1.75% senior notes due 2026, according to a company news release.

The notes are guaranteed by Dream Global Real Estate Investment Trust.

The purchase price is 101.35 for the 1.375% notes and 101.42 for the 1.75% notes. Holders will also receive accrued interest.

The tender offer began Nov. 11 and ended at 11 a.m. ET on Nov. 22.

The offers were made at the request of some affiliates of closed-ended, opportunistic real estate funds managed by Blackstone Group, Inc. in connection with its acquisition of Dream Global. The acquisition is expected to occur in mid-December.

The tender offers are conditioned on the completion of the acquisition.

The settlement date of the tender offers is expected to occur two business days from the change-of-control put trigger date, which is expected to occur on the date of the completion of the acquisition.

If the settlement date does not occur by Dec. 31, the tender offer will be terminated.

Notes purchased in the offer will be canceled.

Deutsche Bank, London Branch (44 20 7545 8011) is acting as the dealer manager for the offer.

Lucid Issuer Services (dream@lucid-is.com or 44 20 7704 0880) is working as tender agent.

Dream Global is a Toronto-based open-ended real estate investment trust that invests in commercial real estate exclusively outside of Canada.

© 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.