By Cristal Cody
Tupelo, Miss., March 14 – Aroundtown SA (BBB+) priced $600 million of 5.375% notes due 2029 at 99.215 on Thursday under the company’s euro medium-term note program, according to a news release.
Aroundtown said it is hedging the currency risk implied by the dollar denomination via a cross currency swap into euros for the period of the notes with interest fixed at 1.75% until 2023. The coupon will be Euribor plus 265 bps thereafter.
The notes will be admitted to trading on the regulated market of the Irish Sock Exchange and listed on Euronext Dublin.
Proceeds from the deal will be used to fund Aroundtown’s growth strategy and or to refinance and repay existing debt.
Aroundtown is a commercial real estate property company based in Luxembourg.
| Issuer: | Aroundtown SA
|
| Amount: | $600 million
|
| Description: | Notes
|
| Maturity: | 2029
|
| Coupon: | 5.375%
|
| Price: | 99.215
|
| Trade date: | March 14
|
| Rating: | S&P: BBB+
|
| Distribution: | Euro medium-term note program
|
| Listing: | Euronext Dublin
|
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