Listed Finnish property company Citycon is exploring the possibilities of launching a euro-denominated unsecured bond issue to pay off its debt.
Listed Finnish property company Citycon is exploring the possibilities of launching a euro-denominated unsecured bond issue to pay off its debt.
The company is targeting a €300 mln bond which would be offered mainly to European, including Nordic, institutional investors through a book-building procedure.
If issued, the expected maturity of the bond would be seven years. Citycon would apply for the bond to be admitted to the Irish Stock Exchange and to trade on its regulated market.
The proceeds from the bond issue would be used to prepay existing debt in order to extend average debt maturities, pay down credit facilities and for general corporate purposes.
Citycon has mandated Deutsche Bank, Pohjola Bank and UBS Investment Bank to arrange investor meetings to explore prerequisites for the potential bond issue.
