alstria office AG (AOXGR) EUR500m (wng) Reg S bearer sr notes due 03/20/31 (6y). NCL (MWC B+50) (3mo par call) (80% clean-up call). NR/BB+ (--/negative). Via CA/MS/SocGen (B&D) jt books. List Lux. German law. Annual pay. CoC. Annual pay (Act/Act). Settles 03/20 (T+5). ISIN: XS3025437982. IPT: 6.00% area. Price guidance: 5.875% area. Final terms: EUR500m 5.50% at a discount to yield 5.75%.
Priced: 5.50% at 98.761 , yield 5.75%. +324bp vs DBR 0% 02/15/31.
Roadshow (investor calls) 03/10-11. Books closed at 1pm UKT 03/13. Final book size EUR850m. Books at guidance over EUR1.05bn. There is a large anchor order from an institutional investor, a Brookfield affiliate. UOP: along with the recently signed EUR164.5m secured bank loans, the revolving credit facility of EUR150m, and the equity commitment letter of up to EUR160m by its shareholders will be mainly used for the refinancing of outstanding 2025, 2026 and 2027 Senior Notes, and GCP. Biz: a leading German real estate company focused on high quality office properties across five of Germany’s top seven cities. HQ: Hamburg, Germany.
02/12 update: marketing of its sr note deal concluded 03/11 with over 50 investors directly engaged. The issuer remains focused on a EUR500mln WNG 6y transaction. The balance of investor feedback centered around 6% area.
Deal Roadshow presentation (including voiceover) is available at https://dealroadshow.com (Passcode: BOB2025).
Concurrently, there is a capped tender offer for up to EUR500m of its EUR335.2m 0.5% Notes due 09/26/25 (ISIN: XS2053346297) (99.00 purchase price, EUR334.1m 1.5% Notes due 06/23/26 (ISIN: XS2191013171) (97.875 purchase price) and EUR311.4m 1.5% Notes due 11/15/27 (ISIN: XS1717584913) (94.00 purchase price). CA/MS/SocGen dealer managers.
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alstria office announced this
morning that marketing of its sr note deal concluded yesterday with over
50 investors directly engaged. The issuer remains focused on a
EUR500mln WNG 6y transaction. The balance of investor feedback centred
around 6% area. Timing as early as tomorrows business subject to market
conditions
On Monday alstria office REIT-AG (Ticker: AOXGR; Country: Germany) announced it had mandated investor calls / EUR 500m WNG 6-Year Senior Unsecured Bond.
alstria office REIT-AG (to be renamed alstria office AG) (rated BB
(negative) by S&P; Ticker: AOXGR) is a leading German real estate
company focused on high quality office properties across five of
Germany’s top seven cities. The company mandated Crédit Agricole CIB,
Morgan Stanley and Société Générale as Joint Bookrunners to arrange a
series of fixed-income investor calls 03/10-11. A Deal Roadshow
presentation (including voiceover) is available at https://dealroadshow.com (Passcode: BOB2025). Crédit Agricole CIB is coordinating logistics.
A 6-year EUR 500m WNG, senior unsecured, Reg S bond may follow,
subject to market conditions. The bond, if issued, has been rated BB+
(negative) by S&P. The net proceeds of the potential bond offering,
along with the recently signed EUR164.5m secured bank loans, the
revolving credit facility of EUR150m, and the equity commitment letter
of up to EUR160m by its shareholders will be mainly used for the
refinancing of outstanding 2025, 2026 and 2027 Senior Notes as well as
for general corporate purposes.
A capped tender offer in conjunction with the issue of the New EUR Senior Bond has been launched.
alstria office REIT-AG invites holders of its existing EUR
400,000,000 0.5% Notes due 2025 with an outstanding amount of EUR
335,200,000 (the “2025 Notes”, ISIN: XS2053346297), EUR 350,000,000 1.5%
Notes due 2026 with an outstanding amount of EUR 334,100,000 (the “2026
Notes”, ISIN: XS2191013171) and EUR 350,000,000 1.5% Notes due 2027
with an outstanding amount of EUR 311,400,000 (the “2027 Notes”, ISIN:
XS1717584913; together with the 2025 Notes and the 2026 Notes, the
“Notes”) to tender such Notes for purchase by alstria office REIT-AG for
cash on the terms and subject to the conditions set forth in the tender
offer memorandum dated March 10, 2025 (the “Tender Offer Memorandum”),
in particular subject to the successful completion of the issuance of
the New Notes.
alstria office REIT-AG currently intends to accept for purchase Notes
up to an aggregate nominal amount equal to the aggregate principal
amount of the New Notes. However, alstria office REIT-AG reserves the
right, in its sole discretion, to increase or decrease this amount.
alstria office REIT-AG will pay (for Notes accepted for purchase by
it) a purchase price of 99.000% for the 2025 Notes, of 97.875% for the
2026 Notes and of 94.000% for the 2027 Notes, as described in the Tender
Offer Memorandum. alstria office REIT-AG will also pay accrued interest
in respect of the Notes accepted for purchase pursuant as set forth in
the Tender Offer Memorandum.
The invitation period commences on March 10, 2025 and will expire on
March 18, 2025 at 5.00 pm CET, unless extended or earlier terminated by
alstria office REIT-AG. The final results will be announced as soon as
reasonably practicable thereafter.
The Tender Offer Memorandum is available via the Tender Agent (Kroll Issuer Services Limited).