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Unibail-Rodamco-Westfield - Exchange Offer - Results (FR)

URW successfully completes the Exchange Offer on its Perp-NC 2023 hybrid - FR0013330529

27 JUNE 2023


Full announcement including disclaimers and offer restrictions available via Unibail-Rodamco-Westfield (Source: Unibail-Rodamco-Westfield)


- Strong support for the Exchange Offer, with a participation rate of 92%

- The Group’s ratings are unchanged as a result of the completed transaction


"UNIBAIL-RODAMCO-WESTFIELD SE (“URW” or “the Group”) announces the results of its par-for-par Exchange Offer on its €1,250,000,000 Hybrid Perp-NC 2023 notes with a First Reset Date on October 25, 2023, (ISIN: FR0013330529) (the “Existing Notes”) into a combination of new Euro denominated Deeply Subordinated Perpetual Fixed Rate Resettable Perp-NC 5.25 hybrid notes with a coupon of 7.25% (the “New Notes”) and, if applicable, a Cash Amount.


The Exchange Offer was launched on June 20, 2023, and expired at 4:00 p.m. (Paris time) on June 26, 2023. The Group confirms that €1,150 Mn in aggregate nominal amount of the Existing Notes, corresponding to a participation rate of 92%, has been validly submitted to the Exchange Offer.


Having satisfied the Exchange Offer’s €500 Mn New Issue Minimum Size condition, URW confirms that it will accept all valid offers to exchange Existing Bonds pursuant to the Exchange Offer. As a result, €995 Mn of New Notes will be issued and an aggregate Cash Amount of €155 Mn will be paid on the Settlement Date. €1,150 Mn of the Existing Notes will be cancelled. Accordingly, the Group’s overall hybrid portfolio will decrease to €1,845 Mn (corresponding to a reduction in the Group’s outstanding hybrid portfolio of 7.76%).


In accordance with the terms and conditions of the Existing Notes, and following the Group’s decision not to exercise its option to call the Existing Notes (as announced on June 20, 2023), the coupon on the €100 Mn of Existing Notes that remain outstanding after settlement of the Exchange Offer will reset on October 25, 2023, to the sum of the then prevailing 5-year Euro Mid-Swap Rate and the Relevant Margin of 1.675% per annum.


The Group’s ratings are unchanged as a result of the completion of this transaction, as announced by rating agencies in their respective press releases published on June 20, 2023. This hybrid Exchange Offer is the first of its kind by a corporate issuer and is testament to URW’s proactivity in offering a comprehensive and balanced alternative to fixed income investors. The new hybrid issue maintains the Group’s solid capital structure and, combined with its strong operating performance and ample liquidity, supports the delivery of its strategy and comprehensive deleveraging plan. "


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URW announces an Exchange Offer on its Perp-NC 2023 hybrid - FR0013330529

20 JUNE 2023


Full announcement including disclaimers and offer restrictions available via Unibail-Rodamco-Westfield (Source: Unibail-Rodamco-Westfield)



• Comprehensive solution for fixed income investors as an alternative to remaining invested in the Perp-NC 2023 hybrid notes

• Coupon of 7.25% and a Cash Amount

• Preserves equity content with rating agencies and supports URW’s ratings


"UNIBAIL-RODAMCO-WESTFIELD SE (“URW” or “the Group”) announces an any-and-all par-for-par Exchange Offer on the €1,250,000,000 Hybrid Perp-NC 2023 notes with a First Reset Date on 25 October 2023 (ISIN: FR0013330529) (the “Existing Notes”) into a new Euro denominated Deeply Subordinated Perpetual Fixed Rate Resettable Perp-NC 5.25 hybrid notes with a coupon of 7.25% (the “New Notes”) and a Cash Amount. "


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