Borenius advised Citycon Group on its almost ten times over-subscribed EUR 350 million green bond issue and tender offer for certain NOK bonds

We advised Citycon on the Finnish law aspects of its EUR 350 million offering of a 5.25-year 5.000% green bond due 2030 and tender offer to purchase for cash any and all of its NOK 1.4 billion 3.900% notes due September 2025 and NOK 1.0 billion 2.750% notes due September 2025. The green bond was issued under the EUR 2,500,000,000 EMTN programme recently established by Citycon and admitted to listing on the regulated market of the Irish Stock Exchange, Euronext Dublin. The order book for the green bond was almost ten times oversubscribed.

The net proceeds from the bond will be used to repurchase the NOK-denominated bonds issued by the Citycon Group. Additionally, remaining net proceeds from the bond will be used to repay existing indebtedness and for such general corporate purposes of the group that meet Citycon’s green financing framework requirements. Citycon’s green financing framework reflects practices that support the transition to a sustainable and low-carbon economy through the development of green assets.

Citycon is a leading owner, manager, and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office, and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.0 billion. Citycon’s centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport, and they are anchored by grocery, healthcare, and other services that cater to the everyday needs of customers. Citycon Oyj’s shares are listed on Nasdaq Helsinki Ltd.