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URW Successfully Places €815 Mn in New Hybrid Notes
Unibail-Rodamco-Westfield (URW) has announced the successful placement of €815 million in new hybrid notes. These Deeply Subordinated Perpetual Fixed Rate Resettable Perp-NC 5.5 hybrid notes were issued with a 4.875% coupon rate. Investor interest was robust, with the issuance being oversubscribed by 3.1 times, peaking an order book of approximately €2.5 billion.
Simultaneously, URW launched a tender offer for its €995 million 7.250% Hybrid Perp-NC 2028 notes and €750 million 2.875% Hybrid Perp-NC 2026 notes. This move aims at refinancing and improving the blended coupon of its hybrid portfolio. The tender offer will close on April 2, 2025, with the new notes set to trade on Euronext Paris from April 4, 2025.
R. E.
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