on Grand City Properties S.A., (ETR:GYC)
Grand City Properties S.A. Secures €600 Million through Perpetual Notes Issuance
Grand City Properties S.A. (GCP) announced the successful issuance of €600 million in perpetual notes. The series offers a 5.25% coupon and was oversubscribed by institutional investors. These notes, 100% equity under IFRS, are expected to receive a BB+ rating by S&P, with 50% equity content under S&P’s standards. The issuance aims to finance a tender offer for GCP's outstanding €602.7 million perpetual notes, callable in 2026.
The tender offer launched on April 24 is due to expire by April 30. GCP plans to call any remaining notes after this offer. This transaction completes the refinancing of its perpetual notes, pushing the next reset to 2031. Grand City Properties is a Luxembourg-based residential real estate specialist with operations mainly in Germany and London.
R. E.
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