Commentary & Deal Flow

alstria office AG (AOXGR) EUR500m (wng) Reg S bearer sr notes due 03/20/31 (6y). NCL (MWC) (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.

Roadshow (investor calls) 03/10-11. Books are open. Pricing 03/13. 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.