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CPI Property Group - Cash Tender Offer (Unmodified Dutch Auction) - Results

CPI Property Group announces the results of the offers to the holders of its outstanding (i) EUR 750,000,000 2.750 per cent. Senior Notes due 2026 (ISIN: XS2171875839) (the “2026 Notes”); (ii) EUR 750,000,000 1.625 per cent. Senior Notes due 2027 (ISIN: XS2069407786) (the “2027 Notes”); and (iii) GBP 400,000,000 2.750 per cent. Senior Notes due 2028 (ISIN: XS2106589471) (the “2028 Notes” and, together with the 2026 Notes and the 2027 Notes, the “Notes”) to tender such Notes for purchase for cash.


17 APRIL 2023


Full announcement including disclosures and disclaimers, available via CPI and Euronext


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"With thanks to Noteholders for their engagement throughout the Offers process, CPI Property Group has decided to increase the Maximum Tender Acceptance Amount to proactively reduce its near-term maturities. The Company will continue its active disposal programme, and aims to continue using excess liquidity to reduce leverage and support its bonds in the secondary market."


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"Announcement of Results


As at the Expiration Deadline, the Company had received valid tenders for purchase as follows:

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Final Acceptance Amount and Aggregate Purchase Consideration


The Final Acceptance Amount, representing the aggregate nominal amount of Notes accepted for purchase by the Company pursuant to the Offers (converted into the Euro Equivalent, where applicable), is EUR 334,724,012.


The aggregate of the Purchase Consideration and the Accrued Interest Payments (each converted into the Euro Equivalent, where applicable) payable pursuant to the Offers is EUR 254,515,382.

The Applicable Sterling/Euro Exchange Rate was 1.1305.


2026 Notes Offer


The final results of the 2026 Notes Offer are as follows:


Series Acceptance Amount EUR 122,939,000

Scaling Factor Not applicable

The aggregate of the Purchase Consideration and the Accrued Interest Payments payable pursuant to the

2026 Notes Offer is EUR 102,314,284.

Following the settlement of the 2026 Notes Offer, EUR 627,061,000 in aggregate nominal amount of the

2026 Notes will remain outstanding.


2027 Notes Offer


The final results of the 2027 Notes Offer are as follows:


Series Acceptance Amount EUR 132,442,000

Scaling Factor Not applicable

The aggregate of the Purchase Consideration and the Accrued Interest Payments payable pursuant to the

2027 Notes Offer is EUR 96,220,368.

Following the settlement of the 2027 Notes Offer, EUR 617,558,000 in aggregate nominal amount of the

2027 Notes will remain outstanding.


2028 Notes Offer


The final results of the 2028 Notes Offer are as follows:


Series Acceptance Amount GBP 70,184,000

Scaling Factor Not applicable

The aggregate of the Purchase Consideration and the Accrued Interest Payments payable pursuant to the

2028 Notes Offer is GBP 49,518,558.

Following the settlement of the 2028 Notes Offer, GBP 329,816,000 in aggregate nominal amount of the

2028 Notes will remain outstanding."

 

CPI Property Group announces offers to the holders of its outstanding (i) EUR 750,000,000 2.750 per cent. Senior Notes due 2026 (ISIN: XS2171875839) (the “2026 Notes”), (ii) EUR 750,000,000 1.625 per cent. Senior Notes due 2027 (ISIN: XS2069407786) (the “2027 Notes”); and (iii) GBP 400,000,000 2.750 per cent. Senior Notes due 2028 (ISIN: XS2106589471) (the “2028 Notes” and, together with the 2026 Notes and the 2027 Notes, the “Notes” and each series of the Notes, a “Series”) to tender such Notes for purchase for cash


04 APRIL 2023


Full announcement including disclosures and disclaimers, available via CPI


"CPI Property Group (the “Company”) has decided to separately invite all holders (subject to the offer restrictions referred to below) of its of outstanding (i) 2026 Notes to tender such Notes for purchase by the Company for cash (the “2026 Notes Offer”); (ii) 2027 Notes to tender such Notes for purchase by the Company for cash (the “2027 Notes Offer”); and (iii) 2028 Notes to tender such Notes for purchase by the Company for cash (the “2028 Notes Offer” and, together with the 2026 Notes Offer and the 2027 Notes Offer, the “Offers”). The Offers shall be subject to the terms and conditions set out in the tender offer memorandum dated 4 April 2023 (the “Tender Offer Memorandum”) prepared by the Company. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum."




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"Rationale for the Offers


The Offers are intended to reduce the Company’s total debt and decrease the volume of the Company’s outstanding senior unsecured bonds."

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