French property developer and investor Altarea Cogedim has issued its inaugural bond, raising €500 million.
The unrated bond has a maturity of seven years and carries a 2.25 percent coupon. The firm said that the bonds were purchased by European investors.
Proceeds will be used for general corporate purposes and will lengthen the maturity of its debt, Altarea said, adding that the bond issue is in line with the group’s strategy of diversification and disintermediation of its financing resources.
“The success of this operation demonstrates the investors’ confidence in Altarea Cogedim’s specific business model, as both a property owner and developer, and in the quality of its credit profile,” commented Alain Taravella, CEO of Altarea Cogedim.
Natixis and Société Générale Corporate & Investment Banking acted as global coordinators, joint lead managers and joint bookrunners. BNP Paribas and Crédit Agricole CIB acted as joint lead managers and joint bookrunners.