BRÈVE

sur Grand City Properties S.A., (isin : LU0775917882)

Grand City Properties Announces Success in Financial Maneuvers to Support Credit and Financial Performance

Grand City Properties S.A. revealed the fruitful outcome of a voluntary exchange offer alongside a tender offer concerning its perpetual notes. This strategic move has facilitated the issuance of roughly €410 million in new perpetual notes, while simultaneously enabling the repurchase of €34 million in existing perpetual notes through a tender offer. A significant 82% of existing perpetual notes were submitted for these offers, embodying €449 million in aggregate nominal amount, all accepted by the company.

This financial restructuring is expected to bolster the company's credit metrics as assessed under Standard & Poor’s credit rating methodology by retaining the 50% equity content of the new notes. Additionally, in line with IFRS and bond covenants, all notes, inclusive of those not exchanged, will be treated entirely as equity. Grand City Properties anticipates this will contribute to a long-term decrease in coupon payments on perpetual notes, positively affecting Funds From Operations (FFO).

The newly issued perpetual notes carry a coupon of 6.125% and have their first call date set for January 2030. This announcement was communicated with a clear disclaimer that it does not constitute a securities offering in any jurisdiction where such an action would contravene local laws or regulations.

R. E.

Copyright © 2024 FinanzWire, tous droits de reproduction et de représentation réservés.
Clause de non responsabilité : bien que puisées aux meilleures sources, les informations et analyses diffusées par FinanzWire sont fournies à titre indicatif et ne constituent en aucune manière une incitation à prendre position sur les marchés financiers.

Cliquez ici pour consulter le communiqué de presse ayant servi de base à la rédaction de cette brève

Voir toutes les actualités de Grand City Properties S.A.,