Icade issued a €600 million bond and launched offers to purchase three existing bonds in cash.
The new bond has an annual coupon of 1.625% and a 10-year maturity.
The French developer is offering to purchase the €500 million bonds maturing Jan. 30, 2019, the €500 million bonds maturing April 16, 2021, and the €500 million bonds maturing Sept. 14, 2022.
The 2019 bonds have €245.1 million outstanding, the 2021 bonds have €454.7 million outstanding and the 2022 bonds have €500.0 million outstanding.
Crédit Agricole Corporate and Investment Bank, CM-CIC Markets Solutions, HSBC, Natixis and Société Générale Corporate & Investment Banking were the joint book runners on the new bond issue.
JP Morgan Securities plc and Natixis are the book runners for the purchase offer, which ends Feb. 23.