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Grand City Properties SA has issued 600 million EUR in perpetual notes at a 4.75% coupon, drawing investor interest with a peak order book over 2 billion EUR. The company intends to use the funds to buy back higher-coupon perpetual notes and partially refinance upcoming notes with a first call date in 2026. A tender offer has also been launched to allow existing noteholders to exchange their notes, expiring on 8th December. This move highlights the company's strategic approach to debt management while maintaining financial flexibility.
Grand City Properties SA has successfully issued 600 million EUR in perpetual notes, carrying a coupon of 4.75%. The issuance attracted strong investor interest, with the peak order book exceeding 2 billion EUR. The company plans to use the proceeds primarily to buy back existing perpetual notes with higher coupons and to partially refinance upcoming notes that have a first call date in 2026. Advertisement
Alongside the issuance, the company has launched a tender offer, which began earlier this week and is expected to close on 8th December. The tender offer allows noteholders to exchange their existing notes, supporting the company's strategy to manage its debt profile efficiently. By addressing the refinancing of notes due for first call in 2026 now, Grand City Properties aims to reduce future interest obligations and enhance financial flexibility.
The recent activity reflects the company's proactive approach in debt management, as it balances new issuances with buybacks and partial refinancing. These measures are consistent with past strategies where the company has used capital markets to optimize financing costs while maintaining stable liquidity for operational and investment needs.
Source Reuters
5th Jun, 2025
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