U.K.-based Atrium European Real Estate Ltd. said about €201.9 million in aggregate principal amount of notes due 2020 and roughly €240.2 million of the notes due 2022 had been validly tendered as at the Sept. 7 expiration deadline of the company's cash tender offer launched late in August.
The €350.0 million 4.000% notes due April 2020 and the €500.0 million 3.625% notes due October 2022 have outstanding amounts equal to roughly €335.1 million and about €498.6 million, respectively.
Atrium has expressed a nonbinding indication to accept for purchase all the validly tendered 2020 notes and €40.0 million of the validly tendered 2022 notes.
The retail real estate company will determine the final acceptance amount of the notes, among other things, following the completion of the pricing for the offer Sept. 10 at or around 12 p.m. Central European Time. Settlement is slated to take place Sept. 11.
The purchase yield is equal to zero percent for the 2020 notes, and the sum of the relevant interpolated mid-swap rate and a purchase spread of 135 basis points for the 2022 notes.
Deutsche Bank AG London branch, who is also acting as the tender agent for the offer, serves as dealer manager alongside HSBC Bank PLC.
The offer is subject to the issuance of a new euro-denominated Regulation S senior unsecured fixed-rate, seven-year eurobond with a total projected amount of €300.0 million.