By Paul A. Harris
Portland, Ore., March 3 – Grand City Properties SA announced in a Tuesday press release that it priced an upsized €250 million tap of its 3¾% perpetual notes at 97.04.
The deal-size was increased from the €100 million amount announced earlier in the day.
Proceeds, including those resulting from the €150 million upsizing of the deal, will be used to fund the Luxembourg-based specialist real estate company’s acquisition growth strategy.
As reported, the company priced €120 million of the notes (Ba1/BB) at 96.3 on Feb. 12.
| Issuer: | Grand City Properties SA
|
| Amount: | €250 million, increased from €100 million
|
| Maturity: | Perpetual
|
| Security description: | Hybrid perpetual notes
|
| Coupon: | 3¾%
|
| Price: | 97.04
|
| Settlement date: | March 9
|
| Existing ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Total issue size: | €400 million, including €250 million in most recent issuance
|
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