Summit Properties unit offers to buy up to €50 million of 2025 notes

By Marisa Wong

Los Angeles, Sept. 5 – Summit Properties Ltd.’s wholly owned subsidiary Summit Luxco Sarl is offering to purchase for cash up to €50 million of Summit Properties’ outstanding €244,058,000 senior notes due 2025 (ISIN: XS1757821688), according to notices.

Summit Luxco is offering to purchase the notes at a price of 94.

The offer began on Sept. 4 and will expire at 11 a.m. ET on Sept. 8.

Settlement is expected to be on Sept. 13.

The offeror will only accept tenders with respect to Regulation S notes. No tenders of Rule 144A notes of the same series (ISIN: XS1757821506) will be accepted.

The offeror said it reserves the right to not accept any tenders, not purchase any notes or modify any terms and conditions of the offer, including the maximum tender amount.

Morgan Stanley & Co. International plc (debt_advisory@morganstanley.com) is dealer manager for the tender offer.

Kroll Issuer Services Ltd. (attn.: Arlind Bytyqi / Alessandro Zorza; +44 20 7704 0880; summit@is.kroll.com; https://deals.is.kroll.com/summit) is the tender agent.

Previously Summit Germany Ltd., the issuer is a German commercial real estate company registered in Guernsey.

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