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GRAND CITY PROPERTIES S.A., (FRA:GYC) EQS-Adhoc: Grand City Properties S.A. launches an exchange offer with 15% tender option to the holders of certain perpetual notes

Directive transparence : information réglementée

02/04/2024 07:57

EQS-Ad-hoc: Grand City Properties S.A. / Key word(s): Tender Offer/Corporate Action
Grand City Properties S.A. launches an exchange offer with 15% tender option to the holders of certain perpetual notes

02-Apr-2024 / 07:57 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


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The offer period will start on 2 April 2024 and end at 5:00 p.m. CET on 9 April 2024, unless extended, withdrawn, amended or terminated by the Company.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



End of Inside Information

02-Apr-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


Language: English
Company: Grand City Properties S.A.
37, Boulevard Joseph II
L-1840 Luxembourg
Luxemburg
Phone: +352 28 77 87 86
Fax: +352 28 77 87 84
E-mail: info@grandcity.lu
Internet: grandcityproperties.com
ISIN: LU0775917882, LU0775917882 , XS1491364953, XS1811181566, XS2271225281, XS1220083551, XS1654229373, XS1706939904, XS1706939904, XS1763144604, XS1781401085, CH0401956872, XS1827041564, XS1851265527, XS1953786222, XS1964638446, CH0482172415, XS2016885159, XS2033380820, XS2035328223, XS2154325562, XS2282101539,
WKN: A1JXCV , A1ZRRK, A1ZW4K, A1ZZ49, A186BF, A18YJ1, A19ZQE, A19MBW, A1V4P0, A19WVU, A19WU2
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Dublin, Luxembourg Stock Exchange, SIX
EQS News ID: 1870999

 
End of Announcement EQS News Service

1870999  02-Apr-2024 CET/CEST

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