Citycon Oyj

Citycon Group has issued a EUR 350 million green bond through Citycon Treasury B.V., guaranteed by Citycon Oyj. The bond, with a 5.25-year maturity and a 5% fixed coupon, will mature on March 11, 2030. It is part of Citycon Treasury B.V.'s EUR 2.5 billion EMTN programme and will be listed on the Irish Stock Exchange. The proceeds will be used to repurchase certain NOK-denominated bonds, repay existing debt, and fund projects under Citycon's green financing framework, which supports sustainable and low-carbon economy initiatives. The bond issuance was highly successful, with demand nearly ten times the subscription, leading to an increase in the issue size from EUR 300 million to EUR 350 million. Citycon's CFO, Eero Sihvonen, highlighted the improved debt maturity profile and reduced refinancing risk. Deutsche Bank and Nordea acted as global coordinators, with Danske Bank, OP Corporate Bank, SEB, and Swedbank as joint bookrunners. Citycon is a Nordic real estate company with a focus on sustainable property management.

Citycon Group plans to issue a euro-denominated senior unsecured bond with an expected term of 5.25 years, totaling approximately EUR 300 million. This bond will be available to institutional investors, issued by Citycon Treasury B.V., and guaranteed by Citycon Oyj. The bond will be listed on the Irish Stock Exchange (Euronext Dublin) under Citycon's EUR 2.5 billion EMTN program. The issuance is part of Citycon's refinancing strategy, with proceeds intended for purchasing certain NOK-denominated bonds, repaying existing debt, and funding projects aligned with Citycon's green financing framework. This framework supports sustainable and low-carbon initiatives. Citycon has appointed several banks as Joint Lead Managers for this transaction. Citycon is a major real estate owner and developer in the Nordic region, focusing on sustainable property management. The company's shares are listed on Nasdaq Helsinki Ltd, and it holds an investment-grade credit rating from Standard & Poor's. The announcement emphasizes that the bond offer is not available in the United States, Australia, Canada, Japan, or any jurisdiction where it would be unlawful.

Citycon Oyj announced a tender offer for the holders of its subsidiary Citycon Treasury B.V.'s notes due September 2025, inviting them to sell their notes back to Citycon for cash at specified purchase prices. Concurrently, Citycon Treasury B.V. plans to issue new EUR-denominated senior unsecured notes with a 5.25-year tenor. The purpose of the tender offer is to improve Citycon's liability composition and debt maturity profile. The tender offer expires on 9 December 2024, with settlement expected around 13 December 2024. The full terms are detailed in the Tender Information Document. Citycon is a Nordic region real estate company with a focus on sustainable property management and has an investment-grade credit rating.

Citycon Oyj's Board of Directors has appointed Oleg Zaslavsky as the new CEO, effective by April 2025. Zaslavsky, with over 20 years of experience in real estate and finance, will be based in Helsinki, Finland. F. Scott Ball will serve as interim CEO until Zaslavsky takes over. Additionally, Eero Sihvonen has been appointed as the new CFO, succeeding Sakari Järvelä, who will leave the company at the end of 2024. Jussi Vyyryläinen, Senior Vice President of Leasing, will also depart in 2025. To enhance financial stability, Citycon's Board has decided to suspend dividend distribution until the end of 2025, except for the dividend declared on November 6, 2024. The decision aims to strengthen the company's balance sheet and credit profile. Citycon is a leading real estate company in the Nordic region, focusing on sustainable property management and maintaining an investment-grade credit rating.

Citycon Oyj held an Extraordinary General Meeting on November 12, 2024, via remote connection, in line with the company's Articles of Association and Finnish law. The meeting approved all proposals from the Board of Directors, including setting the number of board members at ten. Eero Sihvonen was elected as a new board member until the next Annual General Meeting, while current members will continue their terms until then. Citycon is a prominent real estate company in the Nordic region, focusing on mixed-use properties with a strong commitment to sustainability, managing assets worth approximately EUR 4.0 billion. The company has an investment-grade credit rating and its shares are traded on Nasdaq Helsinki. For more details, contact Sakari Järvelä, the Chief Financial Officer.