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Dentons Advises CPI Property Group on EUR 335 Million Tender Offer for Outstanding Bonds

Dentons Advises CPI Property Group on EUR 335 Million Tender Offer for Outstanding Bonds

Czech Republic
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Dentons has advised the CPI Property Group on its successful tender offer of outstanding bonds due in 2026, 2027, and 2028.

The CPI Property Group owns income-generating real estate in the Czech Republic, Berlin, and the Central and Eastern Europe region.

According to Dentons, “the tender offer, which was announced by CPIPG on April 4, 2023, invited holders of its outstanding EUR 750 million 2.750% senior notes due 2026, EUR 750 million 1.625% Senior Notes due 2027, and EUR 400 million 2.750% Senior Notes due 2028 to tender their notes through an unmodified Dutch auction procedure for purchase by CPIPG for cash. The rationale for the tender offer was to reduce CPIPG's total debt and to decrease the volume of its outstanding senior unsecured bonds. Banco Santander S.A., MUFG Securities (Europe) N.V., Societe Generale, and UniCredit Bank AG acted as the dealer managers on the tender offer.”

According to the firm, “the equivalent of approximately EUR 700 million was tendered. Because of the success of the offer, CPIPG accepted nearly EUR 335 million (converted into the EUR equivalent where applicable) of tenders, an increase of 34% above its initial tender acceptance amount.”

Dentons’ team in London included Partner Nick Hayday, Senior Associate Victoria Wyer, and Associate Zeeshan Hussain, alongside additional team members in Luxembourg.

Dentons did not respond to our inquiry on the matter.

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Dentons is the world's largest law firm, connecting talent to the world's challenges and opportunities in more than 75 countries. Dentons' legal and business solutions benefit from deep roots in our communities and award-winning advancements in client service, including Nextlaw, Dentons’ innovation and strategic advisory services. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and world-class talent challenge the status quo to advance client and community interests in the New Dynamic.

Dentons is one of the leading law firms in CEE/CIS, with offices in Warsaw, Prague, Budapest, Moscow, Bucharest, Bratislava, Kyiv, Baku, Almaty, Astana, Tbilisi and Tashkent. With a legacy of supporting local and international clients in Central and Eastern Europe since the early 1990s, we have the experience and market insight to help clients close deals, resolve disputes and do business in the key markets across the region.

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