Clifford Chance
Clifford Chance advises Unibail-Rodamco-Westfield SE in the context of the partial refinancing of its hybrid debt
11 April 2025
- Cedric Burford, Alexander Tollast, Baya Hariche, Michiel Sunderman, Nolan Groenland
- Paris, Amsterdam
Clifford Chance advises Unibail-Rodamco-Westfield SE in the context of the partial refinancing of its hybrid debt
Clifford Chance Europe LLP has advised Unibail-Rodamco-Westfield SE ("URW"), owner, developer and operator of sustainable, high-quality real estate assets in the main cities in Europe and the United States, in the context of its tender offer whereby URW invited in priority holders of its hybrid Perp-NC 2028 bonds and then holders of its hybrid Perp-NC 2026 bonds (the "Existing Bonds") to offer for purchase their Existing Bonds for a cash amount, and in the context of its new issue of euro-denominated deeply subordinated perpetual fixed rate resettable Perp-NC5.5 bonds and guaranteed by Unibail-Rodamco-Westfield N.V. (the "New Bonds").
The completion of the tender offer was conditional upon the completion of the issue of the New Bonds, which was satisfied with the issue of New Bonds for a total aggregate principal amount of EUR 815 million and an initial fixed rate of interest of 4.875%.
The settlement of the tender offer (i.e. the purchase and cancellation of the hybrid Perp-NC 2028 bonds for a total aggregate principal amount of EUR 939.2 million) occurred on 7 April.
Clifford Chance advised URW in relation to the tender offer and the new issue, with a team composed of Cédric Burford, partner, Alexander Tollast, counsel, and Baya Hariche, associate, in Paris, who have covered both the French law and English law aspects of the transaction, and Michiel Sunderman, partner, Nolan Groenland, counsel, and Johan Anton Niesten, associate, in Amsterdam, for the Dutch tax law aspects.
