Aroundtown SA Announces Successful Completion of Multi-Currency Exchange and Tender Offers

On May 1, 2024, Aroundtown SA disclosed the successful closure of its voluntary exchange and tender offers involving GBP and USD perpetual notes, alongside previous Euro transactions. The total accepted volume from these offers reached approximately €2.8 billion.

The company reported significant participation in the offers, with about 90% of the existing perpetual notes submitted. This led to the issuance of new perpetual notes totaling USD 494 million and GBP 345 million across two different series. Concurrently, Aroundtown SA repurchased USD 60 million and GBP 35 million of perpetual notes through the tender offers.

These transactions form part of a broader strategy by the company, done in conjunction with Grand City Properties S.A., aiming at managing debts and optimizing financial standing under S&P’s credit metrics. This also achieves a long-term reduction in coupon payments, enhancing the Group’s funds from operations (FFO).