REG - Globalworth Real Est - Exchange Offer Final Settlement

Globalworth Real Estate InvestmentsAnnouncement

26/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240426:nRSZ1238Ma&default-theme=true

RNS Number : 1238M  Globalworth Real Estate Inv Ltd  26 April 2024

26 April 2024

 

This announcement shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of the securities referred to
herein in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration, exemption from registration or qualification
under the securities laws of any such jurisdiction.

 

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

 

Exchange Offer Final Settlement Announcement

Capitalised terms used in this announcement, but not defined, have the
meanings given to them in the Company's announcement on 28 March 2024.

 

Further to its announcements on 28 March 2024, 10 April 2024 and 22 April
2024, Globalworth is pleased to announce the successful refinancing of its
€550,000,000 2025 Notes due in March 2025, of which €450,000,000 were
outstanding, and €400,000,000 2026 Notes due in July 2026, of which
€400,000,000 were outstanding (collectively, the "Existing Notes"), with
6.25% Notes due in March 2029 for an amount of €307,109,200 and 6.25% Notes
due in March 2030 for an amount of €333,350,400 (collectively, the "New
Notes"), respectively (the "Refinancing"). The Refinancing was concluded by
means of the Exchange Offer and Consent Solicitation, pursuant to which all
holders of Existing Notes received New Notes and the holders tendering by the
Early Exchange Deadline the cash consideration, in each case as applicable.

 

The New Notes were issued as Green Bonds and are intended to be used to
finance or refinance Eligible Green Projects pursuant to the Company's Green
Financing Framework available at
https://www.globalworth.com/investor-relations/bonds
(https://www.globalworth.com/investor-relations/bonds) .

 

The Refinancing will result in significant benefits for Globalworth including
an improved debt maturity profile, by introducing maturities in 2029 and 2030
for the New Notes, respectively, and cancellation in full of the Existing
Notes, which in turn will provide significant flexibility to execute our
strategy, and affirmation of the Company's credit rating at BB+ and BBB- by
S&P and Fitch respectively following announcement of the Refinancing. *

 

Dennis Selinas, Chief Executive Officer of Globalworth commented, "I am very
pleased to announce that we have successfully completed our Refinancing,
showcasing strong support for the Company from both the 2025 Notes and 2026
Notes holders, who participated at levels above 84% and 86%, respectively, in
the Exchange Offer. We believe these high levels of participation are a
testament to their confidence in the team, strategy, portfolio, and growth
trajectory of the Company. Our new capital structure provides us with
financial stability and allows us to focus on our existing portfolio as well
as future investment activity to drive shareholder value. We thank all of our
stakeholders for their commitment to our continued future success.'

Advisors

Perella Weinberg UK Limited acted as financial advisor to the Company. Merrill
Lynch International acted as Lead Dealer Manager and Green Structuring
Coordinator, Erste Group Bank AG and Raiffeisen Bank International AG acted as
Co-Dealer Managers and Kroll Issuer Services Limited as Exchange and
Tabulation Agent in connection with the Exchange Offer and the Consent
Solicitation. Milbank LLP acted as international legal counsel to the Company.
Latham & Watkins LLP acted as international legal counsel to the Lead
Dealer Manager and the Co-Dealer Managers.

 

 

For further information, visit www.globalworth.com
(http://www.globalworth.com/)  or contact:

 

Enquiries

 

 Rashid Mukhtar                                        Tel: +40 732 800 000

 Group CFO

 Panmure Gordon (Nominated Adviser and Joint Broker)   Tel: +44 20 7886 2500

 Dominic Morley

 

About Globalworth / Note to Editors:

 

Globalworth is a listed real estate company active in Central and Eastern
Europe, quoted on the AIM-segment of the London Stock Exchange. It has become
the pre-eminent office investor in the CEE real estate market through its
market-leading positions both in Poland and Romania. Globalworth acquires,
develops and directly manages high-quality office and industrial real estate
assets in prime locations, generating rental income from high quality tenants
from around the globe. Managed by over 269 professionals across Cyprus,
Guernsey, Poland and Romania the combined value of its portfolio is €3.0
billion, as at 31 December 2023. Approximately 96.8% of the portfolio is in
income-producing assets, predominately in the office sector, and leased to a
diversified array of over 715 national and multinational corporates. In Poland
Globalworth is present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice,
while in Romania it has assets in Bucharest and seven other cities.

For more information, please visit www.globalworth.com
(http://www.globalworth.com) and follow us on Facebook, Instagram and
LinkedIn.

IMPORTANT NOTICE:

 

This announcement does not constitute, or form part of, an offer or invitation
to sell or issue, or any solicitation of an offer to buy or subscribe for, any
securities in the United States or any other jurisdiction nor shall it (or any
part of this announcement) or the fact of its distribution form the basis of,
or be relied upon in connection with, or act as any inducement to enter into,
any contract or commitment. Recipients of this announcement who intend to
purchase any securities are reminded that any such purchase or subscription
must be made solely on the basis of the information contained in any final
form offering circular published in connection with any such securities. In
certain jurisdictions, the transactions described above and the distribution
of this announcement and other information in connection with the transactions
described above may be restricted by law and persons into whose possession any
document or other information referred to herein comes should inform
themselves about and observe any such restriction. Any failure to comply with
these restrictions may constitute a violation of the securities laws of any
such jurisdiction.

 

* A securities rating is not a recommendation to buy, sell or hold securities
and may be subject to revision or

withdrawal at any time.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  FURUVOURSNUSUUR