Summit Properties accepts €33.55 million of tendered 2% notes due 2025

By Marisa Wong

Los Angeles, Aug. 4 – Summit Properties Ltd.’s wholly owned subsidiary, Summit Luxco Sarl, announced the results of its partial tender offer for the parent company’s €300 million 2% senior notes due 2025 (ISIN: XS1757821688).

The offer to purchase for cash up to €75 million of the notes expired at 11 a.m. ET on Aug. 3.

Summit will accept €33,552,000 of the notes for purchase for an aggregate purchase price of €31,203,360, according to a notice on Thursday.

The purchase price of 93.00 was determined under modified Dutch auctions. The minimum purchase price had been set at 87.00. Pricing was set at 11:30 a.m. ET on Aug. 3.

The offer is expected to settle on Aug. 5.

J.P. Morgan SE (attn.: EMEA liability management group; liability_management_EMEA@jpmorgan.com) is dealer manager for the tender offer.

Kroll Issuer Services Ltd. (attn.: Jacek Kusion; +44 20 7704 0880; summit@is.kroll.com; https://deals.is.kroll.com/summit) is tender agent.

The offer pertained exclusively to the Regulation S notes (ISIN: XS1757821688) and not the Rule 144A notes (ISIN: XS1757821506) of the same series.

Formerly Summit Germany Ltd., Summit Properties is a German commercial real estate company with a registered office in Guernsey.

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