Aroundtown gives results of tender offers for 1.5% and 2.125% notes

By Sarah Lizee

Olympia, Wash., Jan. 21 – Aroundtown SA announced the indicative results of its cash tender offers for its €259.5 million of 1.5% notes due 2022 (ISIN: XS1403685636) and €211.4 million of 2.125% notes due 2023 (ISIN: XS1532877757), according to a press release.

The offer expired at 11 a.m. on Jan. 20.

The company said it expects to accept €49 million of the 2022 notes and €60.4 million of the 2023 notes for purchase without scaling.

The clearing spreads over the relevant interpolated mid-swap rates, which were set at 6 a.m. ET on Jan. 21, are 33 basis points for the 2022 notes and 38 bps for the 2023 notes.

Holders will also receive accrued interest.

Settlement is expected for Jan. 23.

As previously reported, 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 reduce the cost of debt and extend the average debt maturity period. The company also said that its long-term strategic goal is to achieve an A global rating, and it would like to have the option to redeem shorter and more expensive debt.

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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