HELSINKI, July 5, 2022 /PRNewswire/ -- Citycon purchased an additional notional amount of approx. EUR 20 million of its bond maturing in 2027. In the last three weeks, Citycon repurchased a total notional amount of EUR 54 million of its bonds for approximately EUR 50 million in cash. This brings its year-to-date notional repurchases to approx. EUR 79 million using approx. EUR 75 million of cash.
"These additional bond repurchases further reduce interest expense, strengthen our strong credit profile, lower refinancing risk and improve our well-laddered maturity schedule. In addition, we continue to demonstrate strong and accretive capital allocation by using part of the proceeds from our two non-core dispositions in Norway, which were sold at a net initial yield of 5.2%, to repurchase our bonds at an average yield of 5.3%.", says Bret McLeod, Citycon's Chief Financial Officer.
CITYCON OYJ
For further information, please contact:
Sakari Järvelä
Vice President, Corporate Finance and Investor Relations
Tel. +358 50 387 8180
sakari.jarvela@citycon.com
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 4.5 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.
Citycon has investment-grade credit ratings from Moody's (Baa3) and Standard & Poor's (BBB-). Citycon Oyj's shares are listed on Nasdaq Helsinki.
www.citycon.com
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