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Globe Trade Centre S.A. (“GTC”, and together with its subsidiaries, the “GTC Group”), one of the leading commercial real estate investors and developers in Central and Eastern Europe and Germany, has successfully priced €455 million senior secured notes due 2030 (the “New Notes”) with a coupon of 6.50% per annum. The transaction was met with strong demand, resulting in an oversubscribed order book, and attracted a broad mix of leading international institutional investors and major Polish funds, including both existing noteholders and new investors. Schroders acted as an anchor investor, further underlining investor confidence in GTC. On 1 October 2025, GTC Group launched a tender offer for its €500 million unsecured notes due 2026, of which €494 million remain outstanding (the “Notes”). This transaction marks an important step in the Group’s strategy to strengthen its balance sheet, extend its maturity profile and further support its deleveraging objectives.
The oversubscription of the New Notes demonstrates broad-based investor confidence in GTC’s credit profile and strategy under the new management team. Orders came from a broad spectrum of international asset managers, and regional investment firms, alongside leading Polish institutional investors. Importantly, the transaction drew interest from both existing noteholders and new investors, underscoring the strength of support for GTC’s long-term strategy as well as reinforcing GTC Group’s position as a trusted issuer in international credit markets.
Małgorzata Czaplicka, CEO of GTC, said: “The investor response is a strong endorsement of GTC’s strategy and market position. This successful transaction demonstrates the trust of both international and domestic investors and positions GTC for continued stability in its core markets.”
Jacek Bagiński, CFO of GTC, said: “This refinancing strengthens our capital structure, extends the maturity profile of our debt and reinforces investor confidence. We remain focused on maintaining financial discipline while supporting sustainable long-term growth across the GTC Group.”
As part of the transaction, GTC entered into a backstop agreement with funds managed by Schroder Investment Management Limited and Schroder Investment Management North America Inc, each acting as agent on behalf of certain of their respective funds and clients (together “Schroders”). Schroders committed to purchase and was allocated €275 million of New Notes, providing a strong anchor to the issuance as a long-term investor in GTC’s business.
Patrick Vogel, Head of Credit, Europe at Schroders, added: “Schroders’ leveraged finance specialists work closely with companies such as GTC to build strong, trusting relationships and support their long-term capital needs. Our active approach enables us to strengthen the funding positions of companies, and, importantly, deliver investment opportunities now and in the future which help meet the needs of our clients”
The New Notes bear interest at 6.50% per annum and mature in October 2030. They were issued by GTC Finance DAC, a special purpose vehicle established solely for this transaction and not part of the GTC Group. The New Notes are governed by English law and are expected to be listed on the Global Exchange Market of Euronext Dublin, with settlement expected on 10 October 2025.
The gross proceeds of the New Notes, net of certain fees and expenses, will initially be deposited into an escrow account. A portion will be used to fund the tender offer, with the remainder to be released in due course to GTC Aurora Luxembourg S.A. to redeem or repay any remaining outstanding Notes.
Following the full redemption or maturity of the Notes, the obligations under the New Notes will be assumed by GTC Aurora, guaranteed by Globe Trade Centre S.A. and selected subsidiaries, and secured by mortgages over a portfolio of prime commercial assets in Poland, Hungary and Romania and a pledge over shares of a soon to be established Luxembourg entity which will indirectly own Galeria Północna.
J.P. Morgan acted as sole bookrunner, while Dentons acted as legal counsel to GTC and Perella Weinberg Partners acted as GTC’s financial advisor. Linklaters advised the sole bookrunner.