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TLG Finance plans offering of 5¼% euro-denominated hybrid notes
By Wendy Van Sickle
Columbus, Ohio, Sept. 17 – TLG Finance Sarl is planning an offering of 5¼% euro-denominated deferrable, subordinated hybrid notes (BB+) to be guaranteed by TLG Immobilien AG, according to a pre-stabilization period notice.
The stabilization period was expected to start on Thursday and run through no later than Oct. 22.
The size of the offering will depend on market conditions, but S&P said it sees the offering being benchmark sized.
The notes will be non-callable for 5.25 years.
Proceeds will be used to fund growth.
TLG plans to use the net proceeds mainly to refinance its €300 million vendor loan and to exercise the future call option for the remaining 5% of Aroundtown SA’s share capital, the agency said.
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