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Aroundtown announces results of tender offers for 2022, 2023 notes
By Sarah Lizee
Olympia, Wash., July 22 – Aroundtown SA gave the results of its any-and-all tender offer for its €210.5 million principal amount outstanding of its 1.5% notes due 2022 (ISIN: XS1403685636) and its €151 million principal amount outstanding of its 2.125% notes due 2023 (ISIN: XS1532877757).
The expiration for the offers was 11 a.m. ET on July 21.
The company said it has decided to accept €51.5 million of the 2022 notes and €47.9 million of the 2023 notes for purchase.
Pricing was determined at 6 a.m. ET on July 22 by modified Dutch auction.
The purchase price for the 2022 notes is 102.39, set using the interpolated mid-swap rate of negative 0.399% and a clearing spread of 55 basis points.
The purchase price for the 2023 notes is 104.534, set using the interpolated mid-swap rate of negative 0.408% and a clearing spread of 80 bps.
No scaling factors were applied.
The original issue sizes were €600 million for the 2022 notes and €550 million for the 2023 notes.
Noteholders could submit a competitive tender instruction with a specified offer spread or a non-competitive tender instruction.
If more than 80% of the notes of either series has been tendered after the settlement date, that series may be able to be optionally redeemed by the company.
Settlement is expected for July 24.
Dealer managers for the offer are Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) and Deutsche Bank AG (+44 20 7545 8011).
Lucid Issuer Services Ltd. is the tender agent (+44 20 7704 0880, aroundtown@lucid-is.com).
The issuer is a Luxembourg-based real estate company.
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