153 0 Kommentare Grand City Properties S.A. announces successful exchange and tender offer supporting credit metrics and FFO. Issuing new benchmark perpetual note.

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GCP announces successful exchange and tender offer supporting credit metrics and FFO.
New benchmark perpetual note issued.
82% of existing perpetual notes accepted, reducing coupon payments.

Grand City Properties S.A. (IRSH)
Grand City Properties S.A. announces successful exchange and tender offer supporting credit metrics and FFO. Issuing new benchmark perpetual note.

10-Apr-2024 / 12:01 CET/CEST
The issuer is solely responsible for the content of this announcement.

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS OR REGULATIONS

GRAND CITY PROPERTIES S.A. ANNOUNCES SUCCESSFUL EXCHANGE AND TENDER OFFER SUPPORTING CREDIT METRICS AND FFO. ISSUING NEW BENCHMARK PERPETUAL NOTE.

Luxembourg, April 10, 2024 – Grand City Properties S.A. (“GCP” or the “Company”) announces the successful results of voluntary exchange offer of two of the Company’s perpetual notes (the “Offer”).

82% or €449 million of aggregate nominal amount of existing perpetual notes were submitted into the offers and subsequently accepted by the Company. As a result, the Company will issue ca. €410 million of new perpetual notes and simultaneously repurchase €34 million of existing perpetual notes via the tender offer (see detailed breakdown further below).

The result of the offer supports the Company’s credit metrics under S&P’s credit rating methodology as the new notes regain the 50% equity content under S&P methodology. Under IFRS and for all bond covenants, all notes, including the perpetual notes which have not been exchanged, remain 100% equity. As a result of the exchange and the buyback, GCP will see a long-term reduction in perpetual note coupon payments going forward, which is FFO accretive.

Existing perpetual notes

ISIN	Current coupon	Nominal amount outstanding prior to transaction (in Euro million)	% and absolute principal amount accepted in the Offer	Principal amount repurchased via the tender offers	Resulting nominal amount post transaction
XS1491364953	6.332%	200	76% / €152m	€13m	€48.4m
XS1811181566	5.901%	350	85% / €298m	€21m	€52.5m
Total			82% / €449.1m	€34m	€100.9m