Of €371 million tendered into the offer, Icade has repurchased €200 million, 92% of which (€183.9 million) corresponded to the two shorter maturity bonds, which was consistent with its objectives.
The tender offer related to:
- a €500 million bond maturing on January 30, 2019 and offering a 2.25% coupon (whose outstanding principal amount before the tender offer was €245,100,000) (ISIN: FR0011577170);
- a €500 million bond maturing on April 16, 2021 and offering a 2.25% coupon (whose outstanding principal amount before the tender offer was €454,700,000) (ISIN: FR0011847714);
- a €500 million bond maturing on September 14, 2022 and offering a 1.875% coupon (whose outstanding principal amount before the tender offer was €500,000,000) (ISIN: FR0012942647).
After the tender offer, the outstanding principal amounts of the bonds are as follows: €211,300,000 for the one maturing in 2019, €304,600,000 for the one maturing in 2021 and €483,900,000 for the one maturing in 2022.
By helping to reduce the average cost of debt while extending its average maturity, this transaction supports Icade’s proactive approach to liability management.
J.P. Morgan Securities plc and Natixis acted as bookrunners.
