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Grand City Properties S.A. - Tender Offer (UMDA) - Launch

Grand City Properties S.A. announces cash tender offers to the holders of several series of its outstanding senior notes due 2024, 2025 and 2026.


22 MAY 2023


Full announcement available via Euronext


"The Board of Directors of Grand City Properties S.A. (the "Company") has decided to offer to the holders of its


(i) EUR 600,000,000 1.7 per cent. Notes due 2024 (ISIN: XS2154325562), issued by the Company (the "Series W Notes");


(ii) EUR 550,000,000 1.5 per cent. Notes due 2025 (ISIN: XS1220083551), issued by the Company (the "Series E Notes"); and


(iii) EUR 600,000,000 1.375 per cent. Notes due 2026 (ISIN: XS1654229373), issued by the Company (the "Series G Notes" and together with the Series W Notes and the Series E Notes, the "Notes" and each a "Series") to tender the Notes for purchase by the Company for cash (the "Offers" and each such invitation, an "Offer").


The Offers shall be subject to the terms and conditions set out in the tender offer memorandum dated 22 May 2023 (the "Tender Offer Memorandum") prepared by the Company.


The Offers begin today and will expire at 5:00 p.m. (CEST) on 26 May 2023 (the "Expiration Deadline"), unless extended, withdrawn, re-opened or terminated at the sole and absolute discretion of the Company as provided in the Tender Offer Memorandum. Capitalized terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.


Rationale for the Offers


The rationale of the Offers is, amongst other things, to proactively manage the Company's debt maturity profile."


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