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Aroundtown begins tender offers for senior notes due 2025, 2026
By Marisa Wong
Los Angeles, March 29 Aroundtown SA announced cash tender offers for several series of outstanding senior notes due 2025 and 2026, up to a maximum acceptance amount of 400 million, according to a notice.
The company is inviting holders of notes from the following series to tender their notes for purchase:
700 million 1% series K notes due 2025 (ISIN: XS1715306012) issued by Aroundtown, 605.4 million of which is outstanding, with a minimum purchase price of 83;
800 million 0.625% series 32 notes due 2025 (ISIN: XS2023872174) issued by Aroundtown, 754.2 million of which is outstanding, with a minimum purchase price of 80.5;
500 million 1.875% series I notes due 2026 (ISIN: XS1649193403) issued by Aroundtown, 251 million of which is outstanding, with a minimum purchase price of 81;
600 million 1.5% series 36 notes due 2026 (ISIN: XS1843435501) originally issued by TLG Immobilien AG, all of which is outstanding, with a minimum purchase price of 77;
1 billion 0% series 38 notes due 2026 (ISIN: XS2273810510) issued by Aroundtown, all of which is outstanding, with a minimum purchase price of 71; and
500 million 2% series O notes due 2026 (ISIN: XS1815135352) issued by Aroundtown, 305.2 million of which is outstanding, with a minimum purchase price of 77.
The purchase price will be determined under an unmodified Dutch auction procedure.
The company will also pay accrued interest.
The company said it reserves the right to increase the maximum acceptance amount or purchase notes in an aggregate principal amount that is less than the offer cap.
For any series, the company will accept for purchase all tendered notes under non-competitive tender instructions (tenders specifying a price equal to or below the minimum price or not specifying any price) if it accepts for purchase any tendered notes under competitive tender instructions.
Tenders may be subject to proration.
The offers will expire at 11 a.m. ET on April 4.
Results and pricing will be announced on April 5.
Settlement is slated for April 6.
Citigroup Global Markets Ltd. (+44 20 7986 8969; liabilitymanagement.europe@citi.com), Deutsche Bank AG (+44 20 7545 801) and Goldman Sachs International (+44 20 7552 6157; liabilitymanagement.eu@gs.com) are dealer managers for the offers.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi / Jacek Kusion; aroundtown@is.kroll.com; https://deals.is.kroll.com/aroundtown) is the tender agent.
The purpose of the offers is to proactively manage the companys debt maturity profile.
Aroundtown is a Luxembourg-based commercial real estate company.
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