French REIT Icade has announced the issue of a €600 mln bond with a maturity of 10 years and with a spread at a historical low level.
The funds have been raised with a 65-bps spread over the reference rate, representing a 15-bps improvement compared to its latest 10-years maturity issue in September 2017. The bond carries an annual coupon of 1.625%.
Icade said that the issue is part of its strategy to optimise its average cost while increasing the maturity of its debt.
Crédit Agricole Corporate and Investment Bank, CM-CIC Markets Solutions, HSBC, Natixis and Société Générale Corporate & Investment Banking were joint bookrunners on the deal.
Icade said that it has also launched an offer to purchase three existing bonds in cash, a €500 mln bond maturing on 30 January 2019, with a 2.25% coupon (of which €245 mln are currently outstanding); a €500 mln bond maturing on 16 April 2021, with a 2.25% coupon (of which €455 mln are currently outstanding) and a €500 mln bond maturing on 14 September 2022, with a 1.875% coupon (of which €500 mln.
The purchase offer will run until 23 February. J.P. Morgan Securities and Natixis are bookrunners on this deal.
