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AKROPOLIS GROUP PRICED DEBUT EUR 300,000,000 2.875% BOND OFFERING DUE JUNE 2026
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.
On Wednesday, 26 May 2021, Akropolis Group, UAB (“Akropolis Group”), the leading shopping and entertainment centre development and management company in the Baltic countries, successfully priced an inaugural EUR 300 million 5 year bond issuance with a 2.875% annual coupon rate (the “Notes”), establishing Akropolis Group’s name in the international debt capital markets.
The Notes with maturity due 2 June 2026 were priced at 3.00% annual yield and re-offer price of 99.428%.
“The entrance into international capital market by successful completion of the debut EUR 300 M Eurobond issuance is a historical step for Akropolis Group and first of its kind for the whole Baltic RE sector. We are grateful for the trust of international and local investors, who acquired the bonds. It confirms the maturity of the group, allows us to diversify funding sources and to focus on further growth of the group” says Manfredas Dargužis, CEO and Chairman of the Board of Akropolis Group UAB
The proceeds of the issuance will be used for refinancing of existing indebtedness and general corporate purposes, including the Group’s expansion by organic growth and / or acquisitions.
Akropolis Group is rated “BB+” (stable) by Fitch and “BB+” (negative) by S&P Global Ratings. Notes are expected to be rated BB+ by Standard & Poor’s and BB+ by Fitch and will be listed on the Euronext Dublin’s Regulated Market with passporting to NASDAQ Vilnius.
The transaction has attracted a diverse investor base with over 50 investors participated in the offering and the final orderbook spread across Continental European and UK asset managers and strong sponsorship from the regional investor base, including Baltic and Nordic fund managers and banks.
Akropolis Group has cooperated with BNP Paribas and J.P. Morgan as Global Coordinators and Joint Bookrunners and Luminor as Joint Bookrunner for its debut Eurobond offering. The legal advisors of Akropolis Group were Clifford Chance LLP, which was leading legal advisor, and TGS Baltic, which advised in respect of Lithuanian and Latvian law. The legal advisors of the Banks were Linklaters LLP and Walless. The auditor of Akropolis Group is PricewaterhouseCoopers.
Summary Transaction Terms
|Issuer:||Akropolis Group, UAB (BBG Ticker: AKRPLS)|
|Issuer Rating:||BB+ (negative) by S&P / BB+ (stable) by Fitch|
|Notes Rating:||BB+ (negative) by S&P / BB+ (stable) by Fitch|
|Guarantors:||Ozo Turtas, UAB; Taikos Turtas, UAB; Aido Turtas, UAB; SIA “M257”|
|Format:||Regulation S, Cat 1, Registered (NSS)|
|Status:||Direct, unconditional, unsecured and unsubordinated obligations of the Issuer and of each Guarantor|
|Maturity:||2 June 2026|
|Coupon:||2.875% Fixed, Annual, Act/Act|
|Re-offer Yield:||3.000% annual yield (re-offer price 99.428%)|
|Listing:||Euronext Dublin’s Regulated Market with passporting to NASDAQ Vilnius|
|Joint Global Coordinators:||BNP Paribas, J.P. Morgan|
|Joint Bookrunners:||BNP Paribas, J.P. Morgan, Luminor|
|Denominations:||€100k x €1k|
Investor Participation Statistics
This communication is not an offer of securities for sale in the United States or any other jurisdiction where to do so would be unlawful. Akropolis Group has not registered, and does not intend to register, any portion of the Notes in any of these jurisdictions and does not intend to conduct a public offering of securities in any of these jurisdictions. In particular, the Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable state securities laws. Outside the United States, the offer is being made to non-U.S. persons in accordance with Regulation S under the Securities Act. In member states of the EEA, this communication is directed only at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129. In the UK, this communication is directed only at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. This communication is being distributed to, and is directed only at, persons in the United Kingdom in circumstances where section 21(1) of FSMA does not apply.
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