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DGAP-News TLG IMMOBILIEN AG successfully places perpetual notes and bonds in total amount of EUR 1 Billion EUR

Nachrichtenquelle: EQS Group AG
17.09.2019, 19:57  |  279   |   |   


/ Schlagwort(e): Immobilien/Fusionen & Übernahmen

TLG IMMOBILIEN AG successfully places perpetual notes and bonds in total amount of EUR 1 Billion EUR

17.09.2019 / 19:57

Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.

TLG IMMOBILIEN AG successfully places Subordinated unsecured and Senior Notes in total amount of EUR 1 Billion EUR


- EUR 500 million three-year senior unsecured notes

- EUR 500 million perpetual subordinated notes with first reset date in 2024

- Blended interest rate of 1,875% per year

- Establishes long term financing for TLG's acquisition of the shares of Aroundtown and future growth


Berlin, 17 September 2019 - TLG IMMOBILIEN AG (ISIN: DE000A12B8Z4), announced today the successful raising of EUR 1 Billion EUR in form of a three-year unsecured notes (EUR 500 million) as well as perpetual subordinated notes (EUR 500 million) with first reset date in 2024. The combined offering has a blended coupon of 1.875% per year (3.375% for the perpetual notes and 0.375% for the unsecured bond).

The net proceeds from these issuances allow TLG to finance completely the recent acquisition of a stake of 9.99% in the share capital of Aroundtown S.A. and in subject to regulatory approvals, to finance the potential exercise of the option to acquire an additional stake of up to 4.99% in the share capital of Aroundtown using a long term capital structure.

The issuance of the perpetual subordinated bond further supports TLG rating agencies' metrics and provides headroom for additional growth. Recently, both Standard & Poor's and Moody's have given a positive outlook on the ratings of TLG IMMOBILIEN (BBB by Standard & Poor's and Baa2 by Moody's) in light of the prospect of a potential merger with Aroundtown.

Barak Bar-Hen, Chief Executive Officer of TLG IMMOBILIEN AG: "We appreciate the fact that the debt market and rating agencies support this 1 Bn EUR placement, underlined by 2.7x order book oversubscription. The subordinated bond also ensures that we now have the appropriate equity cushion from a rating agencies perspective for the entire 15% stake in Aroundtown. We have now taken an important further step towards a successful merger with Aroundtown. We look forward to launching the discussions with Aroundtown regarding the best technical way to execute the potential merger with the view to becoming a leading commercial player in Europe."

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