REG-Grand City Properties S.A. Grand City Properties S.A. launches an exchange offer with 15% tender option to the holders of certain perpetual notes

Grand City Properties SAAnnouncement

02/04/2024 07:00

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   Grand City Properties S.A. (IRSH)
   Grand City Properties S.A. launches an exchange offer with 15% tender
   option to the holders of certain perpetual notes

   02-Apr-2024 / 07:58 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   Publication of inside information pursuant to Article 17 of Regulation
   (EU) No 596/2014

   Grand City Properties S.A. launches an exchange offer with 15% tender
   option to the holders of certain perpetual notes

   Luxembourg, 2 April 2024 - The Board of Directors of Grand City Properties
   S.A. (the "Company" and together with its subsidiaries “Grand City
   Properties”) has resolved today to launch a voluntary exchange and tender
   offer (the “Offer”) to the holders of two of its Euro dominated
   outstanding perpetual notes with the ISIN codes XS1491364953 and
   XS1811181566 (the "Existing Perpetual Notes"). Under the Offer, holders of
   the Existing Perpetual Notes will have the opportunity to exchange
   existing eligible holdings into either: (i) new perpetual notes at the
   relevant exchange ratio and a cash amount for participating in the
   exchange, or (ii) new perpetual notes at the relevant exchange ratio, a
   cash amount for participating in the exchange and a 15% redemption of
   their exchanged notes for cash.

   Under the Offer, holders of the Existing Perpetual Notes with the ISIN
   code XS1491364953 and a current coupon of 6.332% and the ISIN code
   XS1811181566 and a current coupon of 5.901% are invited to exchange their
   instruments into newly issued undated subordinated notes with a coupon of
   6.125% and a term of 6 years until the first reset date. The new notes are
   expected to be rated BBB- by S&P Global Ratings Europe Limited. This part
   of the Offer is subject to achieving a minimum new issue size of EUR
   150,000,000.

   The offer period will start on 2 April 2024 and end at 5:00 p.m. CET on 9
   April 2024, unless extended, withdrawn, amended or terminated by the
   Company.

   The new undated subordinated notes will be issued by a subsidiary of the
   Company, Grand City Properties Finance S.à r.l. and will be
   unconditionally and irrevocably guaranteed on a subordinated basis by the
   Company and will rank pari passu with all other subordinated notes issued
   or guaranteed the Company. The newly issued undated subordinated notes
   shall be listed on the official list of the Luxembourg Stock Exchange and
   admitted to trading on the MTF Market operated by the Luxembourg Stock
   Exchange.

   Grand City Properties aims to recover the equity content under S&P rating
   methodology for the perpetual notes which have previously not been called
   on their respective first call dates.

   The Offer is subject to certain conditions. The details of the Offer will
   be made available in an Exchange and Tender Offer Memorandum.

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   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           LU0775917882, LU0775917882 , XS1491364953, XS1811181566,
                   XS2271225281, XS1220083551, XS1654229373, XS1706939904,
                   XS1706939904, XS1763144604, XS1781401085, CH0401956872,
                   XS1827041564, XS1851265527, XS1953786222, XS1964638446,
                   CH0482172415, XS2016885159, XS2033380820, XS2035328223,
                   XS2154325562, XS2282101539,
   Category Code:  MSCL
   TIDM:           IRSH
   LEI Code:       5299002QLUYKK2WBMB18
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   312911
   EQS News ID:    1871013


    
   End of Announcement EQS News Service

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