Grand City Properties S.A. Announces Successful New Bond Issuance

Grand City Properties S.A. ("GCP") announced the successful issuance of a new benchmark size bond, totaling €500 million. This marks the company's first issuance in over three years, reaffirming its access to capital markets. The new Series Y 2030 bond carries a coupon of 4.375% with a tenor of 5.5 years and is expected to be rated BBB+ by S&P.

The issuance was highly oversubscribed, attracting over €3.5 billion in orders, more than seven times the issue amount. The proceeds will primarily be used to repay short-term debt. This issuance is part of a liability management exercise targeting bonds with near-term maturities totaling over €1.4 billion, aiming to extend debt maturity and reduce refinancing risk.