URW Launches Hybrid Notes Tender Offer and New Issue

Unibail-Rodamco-Westfield SE (URW) has announced its intention to issue new Euro-denominated Deeply Subordinated Perpetual Fixed Rate Resettable Perp-NC 5.5 hybrid notes. Concurrently, URW is launching a tender offer on its outstanding hybrid notes. The tender targets €995 million of 7.250% Hybrid Perp-NC 2028 notes and €750 million of 2.875% Hybrid Perp-NC 2026 notes.

If 75% of the NC2028 Notes are tendered, URW plans to exercise its 'minimal outstanding amount call option' to acquire the remainder. The offer's success relies on issuing new notes, expected to receive ratings consistent with its current hybrid notes: BBB- by S&P and Ba1 by Moody’s.

This transaction aims to manage the hybrid portfolio proactively, refinance NC2028 Notes, improve coupon rates, and extend reset periods. URW expects this move to maintain its credit ratings.