Summit Properties unit accepts €50 million of tendered 2025 notes

By Mary-Katherine Stinson

Lexington, Ky., Sept. 11 – Summit Properties Ltd.’s wholly owned subsidiary Summit Luxco Sarl announced the results of its offer to purchase up to €50 million of its outstanding €244,058,000 senior notes due 2025 (ISIN: XS1757821688), according to a notice.

The issuer said it accepted for purchase €50 million of the tendered notes using a proration factor of 56.338%.

The notes will be purchased at 94 for a total purchase price, excluding interest, of €47 million.

The notes accepted for purchase will be held as treasury notes by the offeror and may be reissued in the future, subject to market conditions.

As previously reported, the tender offer began on Sept. 4 and expired at 11 a.m. ET on Sept. 8.

Settlement is expected to be on Sept. 13.

The tender offer only covered the Regulation S notes. No tenders of Rule 144A notes of the same series (ISIN: XS1757821506) were accepted.

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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