ICADE SUCCESSFULLY ISSUES A 10-YEAR, 0.625%, EUR600M BOND
Icade has today successfully issued a 10-year EUR600 million bond with an
annual coupon of 0.625%. This represents a historically low cost of 10-year
debt for Icade.
Nearly three times oversubscribed by major investors, this transaction reflects
the credit market's confidence in Icade's credit quality. This has enabled the
Company to enjoy historically low spreads, with 85 bps over the swap.
The proceeds will be allocated to the exercise of a make-whole call on the
1.875%, EUR500 million bond maturing in September 2022 (ISIN code:
FR0012942647) for a total of EUR395.7 million. The redemption price will be
determined in accordance with that bond's terms and conditions.
Through this transaction, Icade has continued to proactively manage its balance
sheet while benefiting from favourable market conditions. In particular, the
Company has further optimised its average cost of debt and extended its average
The Joint Lead Managers on this bond issue were BNP Paribas, Crédit Agricole
Corporate and Investment Bank, HSBC Continental Europe, Natixis and Société
"The success of this bond issue on such favourable terms underscores the
confidence that investors have in Icade's credit quality and their faith in the
strength of its balance sheet and medium-term strategy", explained Victoire
Aubry, Group CFO.
DESIRABLE PLACES TO LIVE
As an office and healthcare property investment company (portfolio worth
EUR14.4bn on a full consolidation basis as of 06/30/2020) and a developer of
homes, offices and public amenities (2019 economic revenue of nearly EUR1bn),
Icade designs, builds, manages and invests in cities, neighbourhoods and
buildings that are innovative, diverse, inclusive and connected with a reduced
carbon footprint. Desirable places to live and work. In collaboration with its
stakeholders, Icade has made low carbon a strategic priority in order to
reinvent real estate and create cities that are healthier, happier and more
hospitable. Icade is a key player in Greater Paris and major French cities. It
is listed as a "SIIC" on Euronext Paris and its leading shareholder is the
Caisse des Dépôts group.
The text of this press release is available on the Icade website:
Head of Financial Communication and Investor Relations
+33 (0)1 41 57 70 29
This press release is for information purposes only and does not constitute an
offer to sell or a solicitation to purchase any securities in any jurisdiction.
No action has been or will be undertaken to make available any bonds to any
retail investor in the European Economic Area or the United Kingdom. In France,
a listing prospectus will be submitted for approval to the French Autorité des
marchés financiers for a listing of the bonds on the regulated market of
Euronext Paris. Settlement and delivery remain subject to this approval. This
press release is not an offer for sale within the United States of any security
of Icade or any of its affiliates. Securities of Icade or any of its affiliates
may not be offered or sold in the United States absent registration under the
U.S. Securities Act of 1933, as amended, or unless exempt from such
registration. Release, publication or distribution of this press release is
forbidden in any jurisdiction where such release, publication or distribution
would violate applicable laws or regulations.