London—Dentons has advised CPI Property Group ("CPIPG"), the leading owner of income-generating real estate in the Czech Republic, Berlin and the Central and Eastern Europe region, on a series of successful transactions, including a consent solicitation, a tender offer, and the issue of €650 million 1.500% Senior Notes due 27 January 2031 and €400 million 3.750% Resettable Undated Subordinated Notes callable in July 2028 (jointly the "New Notes").

The New Notes, which were issued under CPIPG’s €8 billion Euro Medium Term Note Programme (the "Programme"), received significant investor interest, with approximately €3 billion of demand. The proceeds of the issuance of the New Notes will be used for CPIPG's general corporate purposes, as well as the redemption of approximately €750 million of CPIPG's outstanding senior unsecured and undated subordinated bonds which mature or are callable in 2022, 2023 and 2024. 

The New Notes were issued in connection with a tender offer announced by CPIPG on 18 January 2021 (the "Tender Offer"), targeting its €550 million 4.375% Undated Subordinated Notes callable in 2023 (the "2023 Hybrids") and €825 million 2.125% Senior Notes due 2024 (the "2024 Notes"). The rationale for the Tender Offer was to extend CPIPG's debt maturity profile. On 25 January 2021, more than €213 million of the 2023 Hybrids and approximately €129 million of the 2024 Notes were accepted for purchase in the Tender Offer.

The Tender Offer and the issuance of New Notes, which comes amidst the ongoing global economic volatility born of the COVID-19 pandemic, demonstrates CPIPG's proactive approach to debt management and commitment to future growth. 

Additionally, CPIPG has successfully completed a consent solicitation process (the "Consent Solicitation") in relation to 16 series of outstanding notes. The Consent Solicitation, which was initiated in December 2020, sought to obtain noteholder approval of CPIPG's proposal to change the Trustee and Agency entities in respect of its outstanding series of notes (the "Proposal"). The Proposal was approved by noteholders on 15 January 2021, by the passage of an extraordinary resolution of the noteholders at a single, combined meeting of the noteholders of all 16 series of outstanding notes. 

Martin Matula, General Counsel of CPIPG, said: "We completed several complex transactions, which ran in parallel, towards the end of 2020 and beginning of 2021. We are grateful for Dentons' support in what is another milestone achieved by CPIPG."

Nick Hayday, partner in Dentons' Capital Markets practice in London, said: "CPIPG is committed to long-term growth and proactive in managing its maturity profile. We are proud to support this exciting and dynamic client on all of these transactions and look forward to assisting CPIPG in the future." 

Dentons acted as English law and Luxembourg law counsel to CPIPG on these transactions. The Dentons London-based Capital Markets team was led by partner Nick Hayday and senior associate Victoria Wyer (on the Consent Solicitation), and by Nick Hayday and associate Moeen Qayum (on the Tender Offer and issuance of the New Notes). Associate Niharika Khimji and trainee Ekaterina Merabishvili assisted throughout. Luxembourg-based counsel Olivier Lesage, associate Pierre Hever and partner Stéphane Hadet provided Luxembourg law advice.

About Dentons

Across over 80 countries, Dentons helps you grow, protect, operate and finance your organization by providing uniquely global and deeply local legal solutions. Polycentric, purpose-driven and committed to inclusion, diversity, equity and sustainability, we focus on what matters most to you. www.dentons.com