Aroundtown begins one-day tender, exchange offer for 3% convertibles

By Susanna Moon

Chicago, May 9 – Aroundtown Property Holdings plc is allowing holders of its €128.7 million of outstanding 3% convertible bonds due May 5, 2020 to tender their bonds for cash or to exchange them into new shares.

The purchase price per €100,000 principal amount will be the bond closing price on Tuesday plus accrued interest up to and including the settlement date, according to a company notice.

Holders may submit an offer for the convertibles until 1:45 p.m. ET on Tuesday.

The company also plans a capital increase through the issue of about 65 million new shares.

Holders also may subscribe for new shares in the capital raising.

The tender offer is not open to any U.S. persons under Regulation S.

Proceeds of the capital increase will be used to finance the tender offer with the remainder slated to finance the company's growth strategy and to refinance or to repay debt.

Joh. Berenberg Gossler & Co. KG is the dealer manager.

The issuer is a Larnaca, Cyprus-based real estate holding company.

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