EQS-News

Aroundtown SA successfully completes GBP and USD exchange and tender offers, and including previous Euro transactions accepts a total combined volume of €2.8 billion - Seite 2

Nominal amount to be issued	Coupon in EUR	First call date
USD 493.7m	5.836%3)	August 2029
GBP 344.8m	6.950%4)	May 2029

3. Swapped into Euro coupon from 7.875% in USD, until first reset date
4. Swapped into Euro coupon from 8.625% in GBP, until first reset date

Together with the previous transactions for the euro denominated perpetual notes, AT together with Grand City Properties S.A. (“GCP”, together with AT the “Group”) offered an exchange for all perpetual notes which haven't been called in 2023 and 2024 and for the ones with call dates approaching in the next 12 months. A combined amount of 79% or ca. €2.8 billion aggregate nominal amounts of existing perpetual notes were submitted across all offers and accepted by the Group. As a result, the Group issued ca. €2.5 billion of new perpetual notes across 5 different series and simultaneously repurchased over €230 million of perpetual notes via the tender offers, following the final closing of the Offer (Euro amounts of foreign currency perpetuals are based on current FX rates).

The result of the offers supports the Group’s credit metrics under S&P’s credit rating methodology as the new perpetual notes regain or extend the 50% equity content under S&P methodology. Under IFRS and for all bond covenants, all perpetual notes, including the existing perpetual notes which were not submitted in the offers, will continue to be recognised as 100% equity. As a result of the offers, the Group will see a long-term reduction in perpetual note coupon payments going forward, which is accretive to the Group’s FFO.

About the Company

Aroundtown SA (symbol: AT1), trading on the Prime Standard of the Frankfurt Stock Exchange, is the largest listed and highest rated (BBB+ by S&P) German commercial real estate company. Aroundtown invests in income generating quality properties with value-add potential in central locations in top tier European cities mainly in Germany/NL.