Dentons has advised CPI Property Group on a successful tender offer and the issue of EUR 525 million 4.875% undated subordinated notes callable in November 2026.
The notes — which Dentons refers to as "the New Hybrids" — were issued under CPIPG’s EUR 8 billion Euro Medium Term Note (EMTN) Programme and received significant investor interest, with nearly EUR 1 billion of demand. Proceeds from the New Hybrids are primarily intended for extending CPIPG's refinancing profile and further reducing gross debt.
On September 8, 2020, CPIPG announced tender offers targeting its EUR 550 million 4.375% undated subordinated notes callable in 2023 (the "2023 Hybrids") and EUR 347 million 1.45% senior notes due 2022 (the "2022 Notes").
On September 17, 2020, EUR3 28 million of the 2023 Hybrids and EUR 12 million of the 2022 Notes were accepted in the tender offer. In total during 2020, CPIPG has repaid more than EUR 1.2 billion of senior unsecured bonds, Schuldschein, and hybrid bonds in advance of the scheduled maturity or call dates.
Dentons acted as English law and Luxembourg law counsel to CPIPG. The firm's London-based team was led by Partner Nick Hayday and included Associates Moeen Qayum and Niharika Khimji, while Luxembourg-based Counsel Olivier Lesage and Partner Stephane Hadet provided Luxembourg law advice.