TIDMGWI
RNS Number : 2950D
Globalworth Real Estate Inv Ltd
20 June 2023
FOR IMMEDIATE RELEASE
20 June 2023
NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE
UNLAWFUL. IN PARTICULAR, THIS ANNOUNCEMENT AND THE TENDER OFFER
MEMORANDUM MENTIONED BELOW SHALL NOT BE DISTRIBUTED, TRANSMITTED OR
FORWARDED, DIRECTLY OR INDIRECTLY, IN, INTO, OR FROM, OR BY USE OF
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COMMERCE OF, OR ANY FACILITY OF A NATIONAL SECURITIES EXCHANGE OF,
THE UNITED STATES.
This announcement shall not constitute, or be deemed to form
part of, any invitation to sell, or any solicitation of an offer to
buy, the securities referred to herein in the United States or any
other jurisdiction, nor shall it (or any part of this announcement)
or the fact of its distribution form the basis of, or be relied
upon in connection with, or act as any inducement to enter into,
any contract or commitment.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this information is considered to be in the public
domain.
Manufacturer target market (MIFID II product governance) will be
eligible counterparties and professional clients only (all
distribution channels). No PRIIPs key information document (KID)
has been prepared as not available to retail in EEA or the United
Kingdom.
Globalworth Real Estate Investments Limited
("Globalworth" or the "Company")
Launch of cash Tender Offers for Outstanding Notes due 2025 and
Outstanding Notes due 2026
Highlights
Globalworth (AIM: GWI), a leading real estate investment company
focused on the CEE region, proposes to purchase an aggregate
principal amount of up to EUR100,000,000 (or such greater or lesser
amount as it may determine in its sole and absolute discretion) of
its outstanding EUR550,000,000 3.000% notes due 2025 and
EUR400,000,000 2.950% notes due 2026 through an unmodified Dutch
auction procedure.
Tender Offers for Outstanding Notes
The Company announces a tender offer addressed to the holders of
its outstanding EUR550,000,000 3.000% notes due 2025 and
EUR400,000,000 2.950% notes due 2026 (the "Tender Offers").
Under the Tender Offers, the holders of the notes due 29 March
2025 (ISIN: XS1799975922) (the "2025 Notes") and the holders of the
notes due 29 July 2026 (ISIN: XS2208868914) (the "2026 Notes" and,
together with the 2025 Notes, the "Outstanding Notes"; each of the
2025 Notes and the 2026 Notes a "Series") are invited to tender
their Outstanding Notes for purchase by the Company for cash. In
respect of any Notes of a Series validly tendered by a holder and
which will be purchased by the Company pursuant to the relevant
offer, the Company will pay a cash purchase price equal to the
particular purchase price specified (or deemed to be specified) by
the relevant holder in the relevant tender instruction, subject to
a minimum purchase price of 81.5% for the 2025 Notes and 74.0% for
the 2026 Notes.
The Company will determine the aggregate principal amount of
2025 Notes and 2026 Notes which it elects to purchase pursuant to
the relevant offer in its sole and absolute discretion.
As the purchase price applicable to each holder of Notes of the
relevant Series that are accepted for purchase pursuant to the
relevant offer is the offer price in respect of the relevant Notes
specified (or deemed to be specified) by such holder in its tender
instruction, the relevant purchase price payable to each holder of
Notes of the same Series which are accepted for purchase pursuant
to the relevant offer will not necessarily be the same.
The Tender Offers are being made on the terms, and subject to
the conditions, contained in the tender offer memorandum dated 20
June 2023 prepared by the Company in connection with the Tender
Offers, which will be made available to holders of the Outstanding
Notes, subject to the offer and distribution restrictions.
Rationale for the Tender Offers
The purpose of the Tender Offers is, among other things, to
proactively manage the Company's debt maturity profile.
Citigroup Global Markets Limited and HSBC Continental Europe
have been appointed by the Company to act as Dealer Managers and
Kroll Issuer Services Limited as the Tender Agent in connection
with the Tender Offers.
For further information, visit www.globalworth.com or
contact:
Enquiries
Stamatis Sapkas Tel: +40 732 800
Group Chief Financial Officer 000
Panmure Gordon (Nominated Adviser and Tel: +44 20 7886
Joint Broker) 2500
Dominic Morley
About Globalworth / Note to Editors:
Globalworth is a listed real estate company active in Central
and Eastern Europe, quoted on the AIM-segment of the London Stock
Exchange. It has become the pre-eminent office investor in the CEE
real estate market through its market-leading positions both in
Poland and Romania. Globalworth acquires, develops and directly
manages high-quality office and logistics/light-industrial real
estate assets in prime locations, generating rental income from
high quality tenants from around the globe. Managed by over 260
professionals across Cyprus, Guernsey, Poland and Romania, a
combined value of its portfolio is EUR3.2 billion, as at 31
December 2022. Approximately 96.4% of the portfolio is in
income-producing assets, predominately in the office sector, and
leased to a diversified array of more than 690 national and
multinational corporates. In Poland Globalworth is present in
Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice, while in
Romania its assets span in Bucharest, Timisoara, Constanta,
Pitesti, Arad, Oradea and Targu Mures.
For more information, please visit www.globalworth.com and
follow us on Facebook, Instagram and LinkedIn.
IMPORTANT NOTICE:
This announcement does not constitute, or form part of, any
invitation to sell, or any solicitation of an offer to buy, any
securities in the United States or any other jurisdiction , nor
shall it (or any part of this announcement) or the fact of its
distribution form the basis of, or be relied upon in connection
with, or act as any inducement to enter into, any contract or
commitment. Recipients of this announcement who intend to sell any
securities are reminded that any such sale must be made solely on
the basis of the tender offer memorandum dated 20 June 2023
prepared by the Company in connection with the Tender Offers,
subject to the relevant offer and distribution restrictions. In
certain jurisdictions, the transactions described above and the
distribution of this announcement and other information in
connection with the transactions described above may be restricted
by law and persons into whose possession any document or other
information referred to herein comes should inform themselves about
and observe any such restriction. Any failure to comply with these
restrictions may constitute a violation of the securities laws of
any such jurisdiction.
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END
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