AroundTown | Grand City Properties - comment

Both AroundTown and Grand City Properties are offering investors who previously didn’t tender into the “perpetual swap” another option.  The terms are broadly the same, with those investors who previously didn’t tender having the option to move into a more liquid instrument.  JPMorgan and Goldman Sachs are the deal managers.  Given the relative small size of the non-tendered bonds, this doesn’t have an impact on the overall credit.