Grand City Properties S.A. Announces Successful New Bond Issuance

Grand City Properties S.A. ("GCP" or the "Company") proudly announced the successful issuance of a new benchmark size bond. This bond, valued at €500 million, marks the first issuance by the company in over three years. The issuance supports GCP's access to capital markets and follows a successful exchange and tender transaction in April 2024.

The Series Y 2030 bond, set at a nominal amount of €500 million, carries a coupon of 4.375% and has a tenor of 5.5 years. Expected to be rated BBB+ by S&P, the issuance saw strong demand, being oversubscribed by more than seven times with a book of over €3.5 billion.

The proceeds from this issuance will go towards repaying short-term debt. The issuance is paired with a liability management exercise aimed at addressing over €1.4 billion in bonds maturing soon. This approach aims to extend the debt maturity profile, reducing refinancing risks and fortifying GCP's balance sheet.