CPI Property tenders for up to €400 million of two series of notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 8 – CPI Property Group announced tender offers for its outstanding €550 million undated notes with a first optional redemption or par call date of Aug. 9 2023 (ISIN: XS1819537132) and its €347,207,000 of notes due 2022 (ISIN: XS1894558102).

CPI Property is offering to purchase up to €400 million aggregate principal amount of the notes, according to a notice.

The company plans to accept up to €250 million of the undated notes, which have acceptance priority.

The purchase price will be 100.5 for the undated notes and par for the 2022 notes.

Holders will also receive accrued interest.

If the caps are exceeded, notes may be accepted for purchase on a pro rata basis.

The tender offer expires at 11 a.m. ET on Sept. 15. Settlement is slated for Sept. 18.

The tender offer is conditioned on completion of an issuance of new notes. Holders who participate in the tender offer may be given allocation priority for the new notes.

Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com), Goldman Sachs International (+44 20 7552 6157 or liabilitymanagement.eu@gs.com), J.P. Morgan Securities plc (+44 520 7134 2468 or em_europe_lm@jpmorgan.com) and Societe Generale (+44 20 7676 7951 or liability.management@sgcib.com) are dealer managers for the offers.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or cpi@lucid-is.com) is tender agent.

CPI Property is a Luxembourg-based real estate company focused on property investments in Central and Eastern Europe.

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