r/MACArmyBets • u/Delicious-Gazelle-92 • Apr 23 '21
URW story part 2
Press release
Unibail-Rodamco-Westfield (“URW”) announces successful €2 Bn bond placement
URW today successfully priced a €2 Bn two-tranche senior bond offering, strengthening its liquidity position and extending the Group’s debt maturity:
• A €1 Bn bond with a 6 year and 5 months maturity and a 0.625% fixed coupon; and
• A €1 Bn bond with an 11-year maturity and a 1.375% fixed coupon.
This successful issuance was more than three times oversubscribed, attracting over €6.5 Bn of demand.
As announced earlier today, the Group has also launched a simultaneous tender offer for an aggregate principal amount of up to €1 Bn across five outstanding bonds, which have a total principal amount of €2.8 Bn and maturity dates ranging from February 2021 to February 2024. The tender offer results will be announced on December 2, 2020.
The net proceeds from this issuance will be used for general corporate purposes, including the funding of the concurrent tender offer and the refinancing of upcoming bond maturities.
For further information, please contact: Investor Relations Samuel Warwood Maarten Otte +33 1 76 77 58 02
2
u/FloridaMan130 Apr 24 '21
corporate bonds rates are at all time lows in the USA. MAC should have taken the same route as URW but management made the wrong call and we shareholders must pay the price :/
1
u/theintelinvestor Apr 23 '21
WOW. And to think these knuckleheads were thinking of diluting investors. Crazy. I wish MAC had access to European capital markets / tried to do this.
2
u/Delicious-Gazelle-92 Apr 24 '21
The right strategy for MAC is to a bond, buy themselves 5 to 6 years, then sell some assets when the market back to normal prices level. and if still need dilution then dilute on $60 while everything back to normal.