EQS-Adhoc

Grand City Properties S.A. launches an exchange offer with 15% tender option to the holders of certain perpetual notes

EQS-Ad-hoc: Grand City Properties S.A. / Key word(s): Tender Offer/Corporate Action Grand City Properties S.A. launches an exchange offer with 15% tender option to the holders of certain perpetual notes 02-Apr-2024 / 07:57 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Publication of inside information pursuant to Article 17 of Regulation (EU) No 596/2014

Grand City Properties S.A. launches an exchange offer with 15% tender option to the holders of certain perpetual notes

Luxembourg, 2 April 2024 - The Board of Directors of Grand City Properties S.A. (the "Company" and together with its subsidiaries “Grand City Properties”) has resolved today to launch a voluntary exchange and tender offer (the “Offer”) to the holders of two of its Euro dominated outstanding perpetual notes with the ISIN codes XS1491364953 and XS1811181566 (the "Existing Perpetual Notes"). Under the Offer, holders of the Existing Perpetual Notes will have the opportunity to exchange existing eligible holdings into either: (i) new perpetual notes at the relevant exchange ratio and a cash amount for participating in the exchange, or (ii) new perpetual notes at the relevant exchange ratio, a cash amount for participating in the exchange and a 15% redemption of their exchanged notes for cash.

Under the Offer, holders of the Existing Perpetual Notes with the ISIN code XS1491364953 and a current coupon of 6.332% and the ISIN code XS1811181566 and a current coupon of 5.901% are invited to exchange their instruments into newly issued undated subordinated notes with a coupon of 6.125% and a term of 6 years until the first reset date. The new notes are expected to be rated BBB- by S&P Global Ratings Europe Limited. This part of the Offer is subject to achieving a minimum new issue size of EUR 150,000,000.