OPG: closing of voluntary exchange offer

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Press Release

Paris October 1, 2012

                                                                                               

Orco Property Group

closing of voluntary exchange offer

Further to its press release of 6 September 2012, Orco Property Group (“OPG”) announces that the voluntary exchange offer for the bonds issued by OPG and Orco Germany (“OG”) was closed on 27 September 2012 as scheduled. 

At the beginning of the voluntary exchange offer, approximately EUR 77.7 million remained in OPG Safeguard bond liability and in aggregate OG bond redemption amounts.  On 4 October 2012, 94% of this outstanding amount, or EUR 73,051,230, will be exchanged into EUR 73,051,230 in nominal amount of new OPG notes (the “New Notes”, ISIN code XS0820547742).  The New Notes will be listed on the official list of the Luxembourg Stock Exchange and admitted to trading on the regulated market of the Luxembourg Stock Exchange. The New Notes mature on 28 February 2018 and will bear a combination of cash interest and payment-in-kind interest.  The principal will be repaid in four annual payments in 2015, 2016, 2017 and 2018.  Further details can be found in the prospectus relating to the New Notes available on the OPG website (www.orcogroup.com). 

The issuance of the New Notes marks the successful completion of the group’s bond restructuring, which restructured EUR 411 million in nominal OPG bond debt (EUR 549 million in remaining Safeguard payments) and EUR 100 million in nominal OG bond debt (EUR 129 million including interest and redemption premium). Following the conversion of the OPG and OG bond debt into 90,787,096 new OPG shares and the issuance of EUR 73,051,230 in New Notes, OPG’s remaining Safeguard bond debt will be reduced to EUR 4 million and OG’s remaining bond debt will be reduced to EUR 41,912.

Any 30 April 2012 Safeguard payment that still remains outstanding on OPG bonds will be paid by 31 October 2012. 

The amendments voted on by the general meeting of the OG bondholders held on 7 May 2012 to extend the maturity (and the interest payment originally due on 30 May 2012 ) of the remaining OG bonds to 30 May 2050 will become effective upon the issuance of the New Notes.

For more information, visit our shareholder corner on www.orcogroup.com


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