Unibail-Rodamco has placed €1 bn in bonds with investors having attracted more than €5 bn of demand in less than two hours.
Europe's largest listed real estate company placed the bonds in two lots of €500 mln. One issue had an 11-year maturity and a 1.125% coupon, while the other carried a 20-year maturity, the longest maturity ever for a real estate company in the Euro market. The coupon was 2.0%.
These issuances attracted more than €5 bn of demand in less than 2 hours, Unibail-Rodamco said in a statement.
The group also simultaneously launched a tender offer on eight of its existing bonds maturing in June 2017, December 2017, August 2018, October 2018, March 2019, November 2020, February 2021 and June 2023. The tender offer period is expected to end on 26 April.
Unibail-Rodamco said that the transactions were part of the proactive management of the company's balance sheet, which aims to extend the average maturity of its debt and optimise its cost of debt.
Unibail-Rodamco is active in 12 countries and has a portfolio of assets valued at €37.8 bn at end-December 2015.
