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Aroundtown accepts tenders for €110.5 million of notes from two series
By Marisa Wong
Los Angeles, Jan. 18 – Aroundtown SA announced results of its Jan. 11 cash tender offers for up to €300 million principal amount of notes from two series. The offer expired at 11 a.m. ET on Jan. 17.
Aroundtown will accept for purchase €110.5 million aggregate principal amount of notes tendered under the offers. The total purchase consideration for the notes tendered and accepted for purchase is €95,831,300, according to an announcement on Wednesday.
The company was offering to buy notes from the €700 million outstanding 1% series K notes due Jan. 7, 2025 (ISIN: XS1715306012) with a first optional redemption date of Oct. 7, 2024 and from the €800 million outstanding 0.625% series 32 notes due July 9, 2025 (ISIN: XS2023872174) with a first optional redemption date of April 9, 2025.
The company decided to accept €82.7 million of the series K notes using a scaling factor of 50%. The total purchase consideration, excluding interest, will be €72,538,850. After settlement, there will be €605.4 million series K notes outstanding.
The company decided to accept €27.8 million of the series 32 notes for a total purchase consideration of €23,292,450. After settlement, there will be €754.2 million of the series 32 notes outstanding.
Settlement is slated for Jan. 20.
The tender considerations were determined through an unmodified Dutch auction procedure.
The minimum purchase price was 84.75 for the series K notes and 80.875 for the series 32 notes.
Accrued interest will also be paid.
BofA Securities Europe SA (+33 1 87 70 10 57, DG.LM-EMEA@bofa.com) and Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) are the dealer managers.
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, aroundtown@is.kroll.com).
The company is aiming to proactively manage its debt maturities with the offer.
Aroundtown is a Luxembourg-based commercial real estate company.
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