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Aroundtown (ARNDTN Snrs; NR, BBB+ Neg) {AT1 GY Equity}

REAL ESTATE
  • Aroundtown has launched another voluntary exchange or exchange and tender offer on 2 perp's.
  • Our read-through to snr's (like last time) is slight negative on exchange fees and any cash use on option 2/tender
  • S&P was supportive of the last tender, ratings were left unch on perp's then, we don't expect rating action on the tender itself.
  • £ line; {AZ207973 Corp} $ line; {AN964724 Corp}

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