Aroundtown tenders for 1.5% notes due 2022, 2.125% notes due 2023

By Sarah Lizee

Olympia, Wash., July 2 – Aroundtown SA said it is tendering for any and all of its €277 million of outstanding 1.5% notes due 2022 and its €550 million of outstanding 2.125% notes due 2023 for cash.

The offer will expire at 11 a.m. ET on July 8.

The clearing spreads over the relevant interpolated mid-swap rates will be set at 6 a.m. ET on July 9.

The maximum offer spread for the 2022 notes is 45 basis points, and the maximum offer spread for the 2023 notes is 56 bps.

Holders will also receive accrued interest.

The offer is subject to a financing condition. The company announced that it may issue new euro-denominated fixed-rate notes under its €10 billion euro medium-term note program.

Tendered notes may be subject to pro rata scaling.

Settlement is expected for July 11.

If at least 80% of the notes have been redeemed or purchased, the company may redeem the remaining notes at par plus accrued interest to but excluding the redemption date.

The company said the purpose of the offer is to proactively manage upcoming debt redemptions.

Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Deutsche Bank AG (+44 20 7545 8011) are dealer managers and Lucid Issuer Services Ltd. (+44 20 7704 0880 or aroundtown@lucid-is.com) is the tender agent.

The issuer is a Luxembourg-based real estate company.

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