Milbank LLP advised Globalworth Real Estate Investments Limited (“Globalworth”) on the successful refinancing of its €550 million notes due 2025 of which €450 million were outstanding (the “2025 Notes”) and its €400 million notes due 2026 of which €400 million were outstanding (the “2026 Notes” and, together with the 2025 Notes, the “Existing Notes”). The refinancing resulted in the issuance of approximately €307 million notes due 2029 and €333 million notes due 2030 (the “New Notes”).
The refinancing was concluded by means of an exchange offer and consent solicitation process, pursuant to which all holders of Existing Notes received New Notes and the holders tendering by the Early Exchange Deadline the cash consideration, in each case as applicable. The refinancing garnered support of all key Globalworth stakeholders, including its shareholders, major creditors and, on average, holders of approximately 85% of the outstanding principal amount of the Existing Notes.
The New Notes were issued as Green Bonds, the proceeds of which are intended to be used to finance or refinance Eligible Green Projects, pursuant to Globalworth’s Green Financing Framework. The refinancing is expected to significantly improve Globalworth’s debt maturity profile by introducing new maturities in 2029 and 2030 and cancelling the Existing Notes in full.
Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the preeminent office investor in the CEE real estate market through its market-leading positions both in Poland and Romania. Globalworth acquires, develops and directly manages high-quality office and industrial real estate assets in prime locations, generating rental income from high-quality tenants from around the globe.
The Milbank team was led by Corporate Finance and Securities partners Ana Grbec and Apostolos Gkoutzinis and Corporate Finance and Securities associates Melanie Probst, Alexia Pimbli, Dimitris Krokos and Harshavardhan Sunder. The team was also assisted by London tax partner Alan Rafferty and counsel Andrew Callaghan.
