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Bond Market News
Aroundtown Launches Tender Offer To Optimize Debt Profile
December 5, 2025
Aroundtown raised £400mn via a 7Y bond at a yield of 5.567%, ~17.5bp inside initial guidance of UKT+170/175bp area. The senior unsecured note is rated BBB. Proceeds will be used to refinance and/or repay existing debt, including the purchase of its notes via its tender offer, and for general corporate purposes.
It also initiated a tender offer to repurchase three bond series with a targeted nominal amount of €870mn. The company aims to take a proactive approach to managing its upcoming debt maturities and extending its overall debt maturity profile. It plans to focus on notes carrying shorter maturities and relatively higher coupons. The company also issued a £400mn 7Y bond. To mitigate currency risk associated with the issuance, it entered into a EUR cross-currency swap for the same tenor of the bond. The result is an effective EUR-denominated coupon fixed at 3.5% for the first three years, followed by 6m Euribor plus 1.15% thereafter. The tender offer commenced on December 4 and will expire on December 11.
Aroundtown dollar bonds were stable, with its 4.75% 2032s trading at around 99.6, yielding 4.8%.
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