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Aroundtown places £500M notes due 2029

Aroundtown SA placed 3% fixed-rate notes worth £500.0 million, issued under its euro medium-term note program, at a price 97% of the principal amount.

A cross currency swap, from British pound into euro, will be created to hedge against currency risk. This will peg the principal amount to euro for the entire life of the 12-year notes due 2029.

The notes will carry a fixed euro coupon of 1.5% until 2022, following which it will be charged at an interest rate equal to the six-month Euro interbank offered rate plus a 1.2% margin.

Aroundtown plans to list the notes for trading on the regulated market of the Irish Stock Exchange. Proceeds will be used to fuel Aroundtown's growth strategy and to refinance and/or repay existing debt.