Friendly Bus. Combination with Eurosic: Gecina Successfully Places a Bond Issue with Three Tranches for a Total Amount of 1.5...
June 27 2017 - 1:29PM
Business Wire
Regulatory News:
Gecina (Paris:GFC) has today successfully placed a bond issue in
three tranches for a total amount of 1.5 billion euros with an
average coupon of 1.3% and an average maturity of 10
years:
- 500 million euros for five years
(maturing in June 2022), with a variable coupon based on the
3 month Euribor + 38 bp (equivalent to a coupon of
0.5%)
- 500 million euros for 10 years
(maturing in June 2027), with a coupon of 1.375%
- 500 million euros for 15 years
(maturing in June 2032), with a coupon of 2.0%
With strong demand totaling around 5.5 billion euros, these
three bond issues were nearly four times oversubscribed by a broad
base of top-tier investors, confirming the market's confidence in
the credit ratings of both Gecina and the combined unit created
with Eurosic.
Carried out under particularly favorable market conditions,
these issues are intended to refinance part of the 2.5 billion euro
bridge financing set up for the business combination with Eurosic,
with the remaining balance to be refinanced through a capital
increase with preferential subscription rights for 1.0 billion
euros. This business combination operation, announced on June
21, 2017, is in line with Gecina's total return strategy and
will enable it to become Europe's fourth largest real estate group
with a 19.3 billion euro portfolio.
These issues are effectively aligned with Gecina's overall
financing strategy, enabling it to extend the average maturity of
its debt, reduce its average cost and optimize its credit
maturities, while combining short-term flexibility with long-term
security.
Gecina is rated BBB+ / outlook positive by Standard & Poor’s
and A3 / outlook negative by Moody’s.
BNP Paribas, Crédit Agricole CIB, Deutsche Bank, Goldman Sachs,
Morgan Stanley, Natixis, Société Générale, CM-CIC, HSBC, ING and JP
Morgan were the bookrunners for this issue.
Not for distribution in the United States, Australia, Canada or
Japan. This press release does not constitute an offer of
securities in the United States or in any other country. The bonds
may not be offered or sold in the United States of America unless
they are registered or exempt from registration under the U.S.
Securities Act of 1933, as amended. Gecina does not intend to
register all or part of the offering in the United States or to
conduct a public offering in the United States.
Gecina, living the city in a different way
Gecina owns, manages and develops property holdings worth 12.1
billion euros at end-2016, with nearly 97% located in the Paris
Region. The Group is building its business around France’s leading
office portfolio and a diversification division with residential
assets and student residences. Gecina has put sustainable
innovation at the heart of its strategy to create value, anticipate
its customers' expectations and invest while respecting the
environment, thanks to the dedication and expertise of its
staff.
Gecina is a French real estate investment trust (SIIC) listed on
Euronext Paris, and is part of the SBF 120, Euronext 100,
FTSE4Good, DJSI Europe and World, Stoxx Global ESG Leaders and
Vigeo indices. In line with its community commitments, Gecina has
created a company foundation, which is focused on protecting the
environment and supporting all forms of disability.
www.gecina.fr
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version on businesswire.com: http://www.businesswire.com/news/home/20170627006256/en/
GECINAFinancial communicationsSamuel
Henry-DiesbachTel: +33 (0)1 40 40 52
22samuelhenry-diesbach@gecina.frorVirginie SterlingTel: +33 (0)1 40
40 62 48virginiesterling@gecina.frorPress relationsBrigitte
CachonTel: +33 (0)1 40 40 62 45brigittecachon@gecina.frorThérésa
VuTel: +33 (0)1 44 82 46 13theresa.vu@consultants.publicis.fr
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