on Grand City Properties S.A., (ETR:GYC)
Grand City Properties S.A. Issues €600 Million Perpetual Notes and Launches Tender Offer
Grand City Properties S.A. has announced the successful issuance of €600 million in perpetual notes with a 4.75% coupon. This issuance drew over €2 billion in orders, showcasing strong demand from investors. The notes are classified as 100% equity under IFRS and receive a BB+ rating from S&P, including 50% equity content under their methodology.
The company plans to utilize proceeds to repurchase higher coupon notes and refinance upcoming notes due in 2026. A tender offer was launched on December 1, set to expire on December 8, 2025. Through these actions, GCP aims to lower its average coupon rate, support FFO and enhance S&P credit metrics.
R. H.
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