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Atrium tallies tenders in offer for 4%, 3 5/8% notes; pricing delayed
By Susanna Moon
Chicago, June 5 Atrium European Real Estate Ltd. said holders had tendered 202,061,000 of its 335.05 million outstanding of the original 350 million 4% notes due April 2020.
Investors also tendered 281,700,000 of its 498,588,000 outstanding of 500 million 3 5/8% notes due October 2022.
Atrium has postponed pricing of the tender offer and will update the time and date in due course, according to a company announcement.
As announced May 25, the company was offering to pay up to 300 million in the tender offer for two series of notes using proceeds of a new issue.
The tender offers ended at 11 a.m. ET on June 4.
Pricing was originally scheduled for 8 a.m. ET on June 5 using a purchase yield of the interpolated mid-swap rate plus 25 basis points for the 2020 notes and 60 bps for the 2022 notes.
Holders also will receive accrued interest.
The 3 5/8% notes have a call option exercisable on July 17, 2022.
Along with the offers, Atrium plans to price at least 300 million of senior eurobonds with a maturity of seven to eight years under Regulation S, the release noted.
Proceeds from the issue will be used to fund the offers and for general corporate purposes.
The purpose of the offers is to proactively manage the offeror's debt redemptions and to extend the debt maturity profile of the offeror, according to a previous press release.
The tender is conditioned on the issue of the new notes.
Deutsche Bank AG, London Branch (+44 20 7545 8011) and HSBC Bank plc (+44 20 7992 6237 or LM_EMEA@hsbc.com) are the dealer managers. Deutsche Bank AG, London Branch (xchange.offer@db.com) is the tender agent.
Atrium is a Jersey, Channel Islands, company that owns, operates and develops shopping centers in Central and Eastern Europe.
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