Aroundtown - comment

Following the successful exchange and tender offer for the Euro perpetual notes, AroundTown this morning has announced a similar tender to the holders of its Sterling and US$ perpetual bonds allowing investors to exchange into a new perpetual note, and 20% redemption in cash.   The offer period starts today until the end of the month.  This will complete the process of terming out AroundTown’s perpetual bonds and retain its equity rating.