Luxembourg-based Grand City Properties S.A. completes exchange and tender offer for €449m perpetual notes.
Luxembourg-based real estate firm, Grand City Properties S.A., successfully completed an exchange and tender offer for two perpetual notes, totaling €449m. The exchange saw 82% participation, with the company issuing €410m in new perpetual notes and repurchasing €34m of existing notes. This move will improve credit metrics, reduce long-term note coupon payments, and be FFO accretive.
April 10, 2024
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