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Unibail-Rodamco bond issue


Fabrice Mouchel, Member of Management Board and Deputy CFO , Unibail-Rodamco, opens the European trading day in Paris. Unibail-Rodamco rings the bell at the occasion of a new convertible bond issued on Euronext Paris.

Unibail-Rodamco is the largest European commercial real estate company with a portfolio valued at €34.6 billion as at December 31, 2014.
As part of the proactive management of Unibail-Rodamco's balance sheet, which aims to extend the average maturity of its debt, diversify its funding sources and optimize its cost of debt, the Group announces the successful placement of a €500 million Ornane (Net share settled bonds convertible into new shares and/or exchangeable for existing shares) due January 1st, 2022.
The transaction was 6 times oversubscribed and is the first convertible bond with a negative yield issued by a real estate company in the Euro market.
The exercise price is €346.87, reflecting a 37% premium to the volume weighted average of UnibailRodamco’s share price on the day of the issue.
This Ornane also includes an adjustment mechanism for annual distribution in excess of €9.60 per share.