BRIEF

on Aroundtown S.A. (isin : LU1673108939)

Aroundtown SA Initiates Exchange Offer for Perpetual Notes

Aroundtown SA announced the launch of an exchange and tender offer targeting holders of its GBP and USD denominated perpetual notes. The offer, starting from 22 April 2024, provides a multifaceted opportunity for note holders to exchange their current securities for new perpetual notes, coupled with a cash incentive and an option to redeem 20% of the exchanged notes for cash.

The company has introduced two new sets of perpetual notes. Holders of the GBP denominated notes with a current coupon of 4.750% can exchange their securities for new GBP notes bearing a coupon of 8.625% for a term up to the first reset date after 5.25 years. Meanwhile, USD perpetual note holders with a current 7.747% coupon have the option to exchange for new USD notes with a 7.875% coupon, with a term of 5.5 years to the first reset date.

The issuance of these new notes, denominated in GBP and USD, is contingent on achieving minimum issue sizes of £150,000,000 and $150,000,000 respectively. Both sets of new notes are expected to receive a BBB- rating from S&P Global Ratings Europe Limited. The exchange aims to enhance or maintain the equity content under the S&P rating framework.

The acceptance period for this offer concludes on 30 April 2024. Interested parties can access full details and conditions of the offer in the forthcoming Exchange and Tender Offer Memorandum. Both new notes will be listed on the Luxembourg Stock Exchange and trade on the Euro MTF Market.

R. E.

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