Aroundtown gives pricing, results of tender offers for two notes

By Marisa Wong

Los Angeles, Dec. 16 – Aroundtown SA disclosed pricing and the results of its Dec. 9 cash tender offers for two series of euro-denominated notes in company announcements on Thursday.

Aroundtown will accept for purchase the €249 million of tendered 1.875% notes due Jan. 19, 2026 (ISIN: XS1649193403) at a price of 106.549. The company had offered to purchase the €500 million of outstanding series I notes at a price based on the interpolated mid-swap rate and a spread of 41 basis points. After settlement of this offer, €251 million, or 50.2%, of the original principal amount of the series I notes will remain outstanding.

The company will also accept the €378.3 million of tendered 0.375% fixed-rate stand-alone notes due Sept. 23, 2022 with a first call date on June 23, 2022 (ISIN: XS2010044464) at a purchase price of 100.42. The company had offered to purchase the €600 million of outstanding series 37 notes at a price based on a maximum purchase yield of negative 0.45%. After settlement of this offer, €221.7 million, or 36.95%, of the original principal amount of the series 37 notes will remain outstanding.

In addition, the company will pay accrued interest to but excluding the settlement date.

The offers expired at 11 a.m. ET on Dec. 15 and will settle on Dec. 20.

The purpose of the offers was to reduce the cost of debt and extend the company’s average debt maturity period.

Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) and Goldman Sachs International (+44 20 7051 7385, liabilitymanagement.eu@gs.com) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Jacek Kusion, aroundtown@lucid-is.com) is the tender agent.

Aroundtown is a Luxembourg-based commercial real estate company.

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