REG-Aroundtown SA Aroundtown SA announces successful exchange and tender offer supporting credit metrics and FFO. Issuing new benchmark perpetual notes.
10/04/2024 11:15
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Aroundtown SA (IRSH)
Aroundtown SA announces successful exchange and tender offer supporting
credit metrics and FFO. Issuing new benchmark perpetual notes.
10-Apr-2024 / 12:01 CET/CEST
The issuer is solely responsible for the content of this announcement.
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THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA,
JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF APPLICABLE LAWS OR REGULATIONS
AROUNDTOWN ANNOUNCES SUCCESSFUL EXCHANGE AND TENDER OFFER SUPPORTING
CREDIT METRICS AND FFO. ISSUING NEW BENCHMARK PERPETUAL NOTES.
10 April 2024
Aroundtown (“the Company” or “AT”), announces the successful results of
voluntary exchange and tender offers of four series of Aroundtown euro
denominated perpetual notes and two series of its subsidiary Grand City
Properties S.A. (“GCP”, together with AT the “Group”) euro denominated
perpetual notes (together, the “Offers”).
74% or ca. €1.8 billion aggregate nominal amount of existing perpetual
notes were submitted into the Offers and accepted by the Group. As a
result, the Group will issue ca. €1.6 billion of new perpetual notes
across three different series and simultaneously repurchase €136 million
of perpetual notes via the tender offer (see detailed breakdown further
below).
The result of the Offers supports the Group’s credit metrics under S&P’s
credit rating methodology as the new perpetual notes regain or extend the
50% equity content under S&P methodology. Under IFRS and for all bond
covenants, all perpetual notes, including the existing perpetual notes
which were not submitted in the Offers, will continue to be recognised as
100% equity. As a result of the Offers, the Group will see a long-term
reduction in perpetual note coupon payments going forward, which is
accretive to the Group’s FFO.
Existing perpetual notes
ISIN Current Nominal amount % and Principal Resulting
coupon / outstanding absolute amount nominal
if not prior to principal repurchased amount
reset, transaction (in amount via the outstanding
expected Euro million) accepted tender post
reset in the offers transaction
coupon ^1) Offers
XS1508392625 7.078% 368.9 71% / €14m €106.9m
€262m
XS2055106210 3.375% / 600 65% / €25m €209.3m
6.6% €391m
XS1752984440 4.542% 400^2) 71% / €20m €117.9m
€282m
XS2027946610 2.875% / 500 80% / €43m €100.7m
6.1% €399m
XS1491364953 6.332% 200 76% / €13m €48.4m
€152m
XS1811181566 5.901% 350 85% / €21m €52.5m
€298m
Total 74% / €1.8 €136m €635.7m
bn
1. Based on 5-year mid-swap at launch of offers
2. Of which €5.5 million held in treasury
New perpetual notes
Issuer Nominal amount to be issued Coupon First call date
AT €606.9m 7.125% January 2030
AT €618.4m 5% April 2029
GCP €409.5m 6.125% January 2030
About the Company
Aroundtown SA (symbol: AT1), trading on the Prime Standard of the
Frankfurt Stock Exchange, is the largest listed and highest rated (BBB+ by
S&P) German commercial real estate company. Aroundtown invests in income
generating quality properties with value-add potential in central
locations in top tier European cities mainly in Germany/NL.
Aroundtown SA (ISIN: LU1673108939) is a public limited liability company
(société anonyme) established under the laws of the Grand Duchy of
Luxembourg, registered with the Luxembourg Trade and Companies Register
(Registre de Commerce et des Sociétés, Luxembourg) under number B217868,
having its registered office at 37, Boulevard Joseph II, L-1840
Luxembourg, Grand Duchy of Luxembourg.
Contact
Timothy Wright
T: +352 288 313
E: 1 info@aroundtown.de
2 www.aroundtown.de
DISCLAIMER
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION
OF AN OFFER TO BUY ANY SECURITIES.
THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT
BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE SECURITIES ACT), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED
STATES.
THIS ANNOUNCEMENT IS DIRECTED AT AND IS ONLY BEING DISTRIBUTED IN THE
UNITED KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS
RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL
SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE
ORDER), (II) HIGH NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY
OTHERWISE LAWFULLY BE COMMUNICATED FALLING WITHIN ARTICLE 49 OF THE ORDER,
AND (III) PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL
SUCH PERSONS TOGETHER BEING REFERRED TO AS RELEVANT PERSONS). THIS
COMMUNICATION MUST NOT BE READ, ACTED ON OR RELIED ON BY PERSONS WHO ARE
NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS
ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE
ENGAGED IN ONLY WITH RELEVANT PERSONS.
IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (EEA) AND THE UNITED
KINGDOM, THIS ANNOUNCEMENT AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED
ONLY AT PERSONS WHO ARE “QUALIFIED INVESTORS” WITHIN THE MEANING OF
REGULATION (EU) 2017/1129, AS AMENDED (THE PROSPECTUS REGULATION)
(QUALIFIED INVESTORS). ANY PERSON IN THE EEA OR THE UNITED KINGDOM WHO
ACQUIRES THE SECURITIES IN ANY OFFER (AN INVESTOR) OR TO WHOM ANY OFFER OF
THE SECURITIES IS MADE WILL BE DEEMED TO HAVE REPRESENTED AND AGREED THAT
IT IS A QUALIFIED INVESTOR. ANY INVESTOR WILL ALSO BE DEEMED TO HAVE
REPRESENTED AND AGREED THAT ANY SECURITIES ACQUIRED BY IT IN THE OFFER
HAVE NOT BEEN ACQUIRED ON BEHALF OF PERSONS IN THE EEA OR THE UNITED
KINGDOM OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES BEEN
ACQUIRED WITH A VIEW TO THEIR OFFER OR RESALE IN THE EEA OR THE UNITED
KINGDOM TO PERSONS WHERE THIS WOULD RESULT IN A REQUIREMENT FOR
PUBLICATION BY AROUNDTOWN OR ANY OF THE MANAGERS OF A PROSPECTUS PURSUANT
TO ARTICLE 3 OF THE PROSPECTUS REGULATION.
THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS
AND OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES,
FUTURE FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING OR RELATING TO ANY
SUCH STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT
SUBJECT TO RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL
OF AROUNDTOWN SA. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A
NUMBER OF FACTORS.
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════
ISIN: LU1673108939, LU1673108939, XS2114459550, XS1508392625,
XS1634523754, XS1752984440, XS2017788592, XS2027946610,
XS2055106210, XS2287744721, XS1586386739, XS1639847760,
XS1649193403, XS1700429308, XS1715306012, XS1753814141,
CH0398677689, XS1761721262, XS1815135352, AU3CB0252955,
CA04269KAA12, XS1879567144, XS1877353786, XS1901137106,
XS1905592546, CH0460054437, XS1961042915, XS1964701822,
XS1966277748, XS1980255779, XS1999746370, XS2023872174,
XS2023873149, XS2198981263, XS1843435501, XS2273810510,
XS2421195848,
Category Code: MSCL
TIDM: IRSH
LEI Code: 529900H4DWG3KWMBMQ39
Sequence No.: 314835
EQS News ID: 1877609
End of Announcement EQS News Service
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References
Visible links
1. mailto:info@aroundtown.de
2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=297cc9a7a72fca4905b7f9b22c5861be&application_id=1877609&site_id=refinitiv2&application_name=news
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