Rodamco Europe successfully launched € 700 million of new bonds. The bonds were issued in two tranches, a € 500 million ten year fixed rate note, and a € 200 million three year floating rate note. The coupon on the fixed rate note is set at 4.375%, whilst the floating rate note will have a spread of 0.21% above the three month interest rate (Euribor). The proceeds will be used to refinance existing short term debt.
CFO John de Die commented: “After last year’s successful debut Eurobond we have further worked on the implementation of our financial strategy and have continued to diversify our investor and funding base. There was strong interest from investors to participate in this bond issue, leading to heavy oversubscription in a short timeframe. Based on investor feedback we decided to increase the total size of the issue from € 600 to € 700 million, whilst securing attractive long term fixed rate funding.”
Source: Rodamco Europe