Aroundtown SA Announces Exchange and Tender Offer for Perpetual Notes

Aroundtown SA, a Luxembourg-based real estate company, has initiated a voluntary exchange and tender offer targeting its GBP and USD denominated perpetual notes. The offer, announced on April 22, 2024, involves an invitation to holders of specific perpetual notes to exchange them for new notes with slightly altered terms.

Holders of GBP 400,000,000 perpetual notes with a current coupon of 4.750% have the opportunity to switch to new GBP-denominated perpetual notes, which offer a revised coupon of 8.625% and a term lasting up to the first reset date 5.25 years later. Similarly, holders of USD 700,000,000 perpetual notes with a current coupon of 7.747% can exchange their notes for new USD-denominated notes featuring a coupon of 7.875% that extends for 5.5 years to the first reset date.

The new notes will be issued by Aroundtown Finance S.à r.l., a subsidiary of Aroundtown SA, and are expected to be listed on the Luxembourg Stock Exchange. Additionally, these notes are anticipated to receive a rating of BBB- by S&P Global Ratings Europe Limited. The offer period is set from April 22 to April 30, 2024, unless modifications are made by the company.