Atrium European Real Estate Limited

EANS-Adhoc: Tender Offer and Proposal for EUR600,000,000 5.375 per cent. Guaranteed Notes due 2013

@@start.t1@@--------------------------------------------------------------------------------   ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide   distribution. The issuer is solely responsible for the content of this   announcement. --------------------------------------------------------------------------------@@end@@


Atrium European Real Estate Limited announces Tender Offer and Proposal for its

EUR600,000,000 5.375 per cent. Guaranteed Notes due 2013


Jersey, 29 April 2010:  Atrium  European  Real  Estate  Limited  (the Company) (ATX/Euronext: ATRS), a leading real estate company focused on shopping  centre investment, management and development in Central and Eastern Europe, announced today an invitation to holders of its outstanding EUR600,000,000 5.375 per cent. Guaranteed Notes due 2013 (ISIN: XS0263871328)  (the  Notes)  to  tender  their Notes for purchase by the Company for cash (the Offer).  Concurrently with  the Offer, the Company is inviting Noteholders to consider  and,  if   thought  fit, pass two separate Extraordinary  Resolutions  to   provide  for  the  amendments outlined below to be made to  the   terms  and  conditions  of  the  Notes  (the Proposal).

The Offer and the Proposal are being made on  the  terms  and   subject  to  the conditions contained in the tender offer memorandum dated 29  April  2010  (the Tender Offer Memorandum), including the offer and distribution restrictions set out below and as more fully described in the Tender Offer Memorandum (the Offer Restrictions), and this announcement should be read  in  conjunction  with  the Tender Offer Memorandum.  Capitalised terms used but not otherwise   defined  in this announcement shall have the meanings given to them   in  the  Tender  Offer Memorandum.

The principal purpose of the Offer and the Proposal is to repurchase or  redeem all of the outstanding Notes.  In  addition  to  the   immediate  interest  cost savings, the Company considers that it can source financing opportunities at  a lower cost and otherwise on more appropriate terms.  To the  extent  the  Offer and the Proposal do not result in the repurchase or redemption of  all  of  the outstanding Notes, the Company seeks  to  amend  substantially  the   terms  and conditions of the Notes in order to allow the  Company  to pursue  alternative financing opportunities.

Details of the Offer and the Proposal

The Company will pay a cash purchase  price  equal  to  100  per   cent.  of  the nominal  amount  of  the  Notes  (the  Repurchase   Price)  accepted  by  it  for repurchase pursuant to the Offer.  The Company  will  also  pay  an  amount  in respect of accrued interest (an Accrued Interest Payment) on such Notes.

Noteholders who validly tender their Notes by 4.00 p.m. (London time) on 20  May 2010 (and who do not subsequently  revoke  such  tender)   will  be  eligible  to receive an additional cash payment (the Early Tender Payment) equal to  1.5  per cent. of  the  nominal  amount  of such  Notes  accepted  by  the  Company  for repurchase in consideration for its tender of the relevant Notes.

The Offer begins on 29 April 2010 and expires at 4.00 p.m. (London   time)  on  7 June 2010 (the Expiration  Deadline),  unless  extended or  terminated  by  the Company.  In order to be eligible to receive the Repurchase  Price,  Noteholders must validly tender their Notes by the Expiration  Deadline  by  delivering,  or arranging to have delivered on their behalf,  a  valid  Tender  Instruction  (as defined in the Tender Offer Memorandum) that is received by the Tender Agent  by the Expiration Deadline.  Noteholders who wish to accept the Offer should  refer to the Tender Offer Memorandum for the procedures  which  must  be  followed  in order to accept the Offer.

Pursuant to the Proposal, Noteholders tendering Notes  by  10.00   a.m.  (London time) on 2 June 2010 (the Voting Deadline) will be   deemed  to  have  delivered their consent  to  the  Extraordinary   Resolutions.    The  First  Extraordinary Resolution, if passed, provides for the insertion of a call option by which the Company shall redeem on 11 June 2010 (the Settlement Date) all  (but  not   some only) of the Notes remaining (if any) on completion of the Offer.    The  Second Extraordinary  Resolution,  if  passed,  would   allow  for    the    removal    of substantially all of the  covenants   and  certain  of  the  events  of  default contained in the terms and conditions of the Notes and the insertion of  a  put option which may be exercised (for a limited period) by Noteholders to whom the Offer is not being made pursuant to the Offer Restrictions (each an   Ineligible Noteholder).  Ineligible Noteholders who wish to participate  in  the  Proposal should refer to the Tender Offer Memorandum for the procedures  which  must  be followed in order to participate.  Ineligible Noteholders who  submit  a  valid Ineligible Noteholder Instruction in favour of the Proposal prior to the  Early Tender Deadline may be eligible to receive an identical  amount  to   the  Early Tender Payment.

A summary of the terms appears below:

@@start.t2@@Description of  |Common         |Outstanding|Amount      |Total Early    |Repurchase |
the Notes          |code/ISIN    |nominal      |subject to|Tender            |Price         |
                         |                  |amount        |the Offer |Consideration |                 |

EUR600,000,000  |026387132 / |EUR152,562,|Any and    |101.5 per        |100  per    |
5.375 per cent. |XS0263871328|000            |all          |cent. of the  |cent. of    |
Guaranteed Notes|                  |                 |                |nominal amount|the nominal|
due 2013            |                  |                 |                |of the Notes  |amount of  |
                         |                  |                 |                |plus the         |the Notes  |
                         |                  |                 |                |Accrued          |                 |
                         |                  |                 |                |Interest         |                 |
                         |                  |                 |                |Payment          |                 |@@end@@

The Company is under no obligation to accept for repurchase any   Notes  tendered pursuant to the Offer.  The acceptance for repurchase by the  Company  of  Notes

@@start.t3@@tendered pursuant to the Offer is at the sole  discretion  of  the  Company  and tenders may be rejected by the Company for any reason.

The indicative timetable is summarised below:

Event                                              Expected Time/Date
Launch Date:                                  29 April 2010

Early Tender Deadline:                  4.00 p.m. (London time) on 20 May 2010

Voting Deadline:                            10.00 a.m. (London time) on 2 June 2010

Meeting of Noteholders:                 10.00 a.m. (London time) on 4 June 2010

Expiration Deadline:                      4.00 p.m. (London time) on 7 June 2010

Announcement of Results and, if    At or around 2.00 p.m. (London time)
applicable, execution of the         on 8 June 2010
Supplemental Trust Deed*:

Expected Settlement Date*:            11 June 2010

*If there is to be an adjourned Meeting, the relevant indicative date will be adjusted accordingly.@@end@@

The deadlines set by any intermediary or clearing system will  be   earlier  than the deadlines specified above.

Under the  Offer  and  the  Proposal,  all  (i)  Tender  Instructions and  (ii) Ineligible Noteholder Instructions in favour of the Proposal  delivered  by  the Early Tender Deadline will be irrevocable except in  the  limited  circumstances in which  such   revocation  is  permitted  as  described  in  the  Tender  Offer Memorandum.

Subject to applicable law and as provided in the Tender  Offer   Memorandum,  the

@@start.t4@@Company may, in its sole discretion, extend, amend, waive any  condition  of  or terminate the Offer and/or the Proposal at any time.

Further Information

The  Offer  and  the  Proposal  are  described  in  full  in  the  Tender  Offer
Memorandum,  which  is  available  from  the  Tender    Agent.      Merrill    Lynch@@end@@

International is the Dealer Manager for the Offer and the Proposal.

Requests for information in relation to the Offer and the Proposal
should be                                                        directed to:


@@start.t5@@Merrill Lynch International
                                                2 King Edward Street
                                                    London EC1A 1HQ
                                                    United Kingdom
                                          Telephone: +44 20 7995 3715
                                            Attention: John Cavanagh

Requests for information in relation to the procedures for tendering Notes in,
    and for any documents or materials relating to, the Offer and the Proposal
                                              should be directed to:

                                                  THE TENDER AGENT

                                         Lucid Issuer Services Limited
                                                        Leroy House
                                                    436 Essex Road
                                                      London N1 3QP
                                                    United Kingdom
                          For information by telephone: +44 20 7704 0880
                                              Fax:  +44 20 7067 9098
                                Attention:  Lee Pellicci / Thomas Choquet


This announcement must be read in conjunction with the Tender Offer  Memorandum.   This  announcement  and  the  Tender  Offer    Memorandum    contain    important information which should be read carefully before  any  decision  is  made  with respect to the Offer or the Proposal.  If you are in any doubt as to the  action@@end@@

you should take,  you  are  recommended  to  seek  your  own   financial  advice, including as to any tax  consequences,  from  your stockbroker,  bank  manager, solicitor, accountant or other independent financial  adviser.    Any  individual or company whose Notes are held  on  its  behalf  by  a  broker,  dealer,  bank, custodian, trust company or other nominee must contact such entity if it  wishes to tender Notes in the Offer or otherwise participate in the Proposal.  None  of the Company, the Dealer Manager, the Tender   Agent  or  the  Trustee  makes  any recommendation as to whether Noteholders should tender any Notes  in  the  Offer or participate in the Proposal.


The distribution of  this  announcement  and  the  Tender  Offer   Memorandum  in certain jurisdictions may be restricted by law.   Persons into  whose  possession this announcement and/or the Tender Offer Memorandum comes are required  by  the Company, the Dealer Manager and the Tender Agent to inform themselves about  and to observe any such restrictions.  Neither  this  announcement  nor  the Tender Offer Memorandum constitutes an offer to buy or a solicitation of  an  offer  to sell the Notes, and tenders of Notes in the Offer   will  not  be  accepted  from Noteholders, in any  circumstances  in which  such  offer  or  solicitation  is unlawful.  In those jurisdictions where the securities, blue sky or  other  laws require the Offer to be made by a licensed  broker  or  dealer  and  the   Dealer Manager or any of its affiliates is such a licensed broker  or dealer  in  such jurisdictions, the Offer shall be deemed to be made on behalf of the Company  by the  Dealer  Manager  or  such   affiliate  (as  the  case  may    be)    in    such jurisdictions.

Italy.  The Offer is not being made, directly or indirectly, in the Republic  of Italy (Italy).  The Offer, this announcement and  the   Tender  Offer  Memorandum have not been submitted to the clearance procedure of the Commissione  Nazionale per le Società e la Borsa (CONSOB) pursuant to  Italian  laws  and  regulations. Accordingly, Noteholders are  notified  that,  to  the  extent  Noteholders  are located or resident in Italy, the Offer is not available to them  and they  may not tender Notes for repurchase pursuant to the Offer and, as such,  any  Tender Instructions received from such persons  shall be  ineffective  and  void,  and neither this announcement, the Tender Offer Memorandum nor any  other  documents or materials relating to the Offer or the  Notes  may  be  distributed  or  made available in Italy.

United Kingdom.  The  communication  of  this  announcement,  the   Tender  Offer Memorandum and any other documents or materials relating to  the  Offer  is  not being made and such documents and/or materials have  not  been  approved  by  an authorised person for the purposes of section 21 of the Financial  Services  and Markets Act 2000.  Accordingly, such documents and/or materials  are  not  being distributed to, and must not be passed on to, the general public in   the  United Kingdom.  The communication of such documents and/or materials  as  a  financial promotion is only being made to (i) persons who are outside the United  Kingdom, (ii) investment professionals falling within  Article  19(5)  of  the  Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended  (the Order), (iii) persons falling within Article 43(2) of the Order, or  (iv)  other persons to whom it may lawfully  be   communicated  (all  such  persons  together being referred to as Relevant Persons).  Any person in the  United  Kingdom  who is not a Relevant Person should  not  act  or  rely  on  any  such  document   or materials or any of their content.  Any investment  or  investment activity  to which these documents or materials relate is available only to Relevant  Persons and will be engaged in only with Relevant Persons.  The documents and  materials and their contents should not be distributed, published or reproduced (in  whole or in part) or disclosed by  recipients  to  any  other  person  in  the  United Kingdom.

France. The Offer is not being made, directly or indirectly, to  the public  in the Republic of France (France).  Neither this announcement,  the  Tender  Offer Memorandum nor any other documents or materials relating to the Offer have  been or shall be distributed to the public  in  France  and  only  (i)  providers  of investment services relating to portfolio management for the  account  of  third parties  (personnes  fournissant  le  service  d'investissement  de   gestion  de portefeuille  pour  compte    de    tiers)    and/or    (ii) qualified    investors (investisseurs qualifiés) other than individuals, all  as  defined  in,  and  in accordance with, Articles L.411-1, L.411-2 and D.411-1 to D.411-3 of the  French Code   monétaire  et  financier,  are  eligible  to  participate  in  the   Offer. Neither this announcement nor the Tender Offer Memorandum has been  or  will  be submitted to or approved by the Autorité des Marchés Financiers.

Jersey. The Offer does not constitute a prospectus nor an  offer  or invitation to the public for the purposes of the Companies (Jersey) Law 1991,  as  amended, or the Control of Borrowing (Jersey) Order   1958  and  no  consent,  licence  or other authority is required or has been sought under these  laws  or  any  other securities laws in the Island of Jersey.

@@start.t6@@end of announcement                                                 euro adhoc

ots Originaltext: Atrium European Real Estate Limited
Im Internet recherchierbar:

Further inquiry note:
For further information:

Financial Dynamics:                                                                  
+44 (0)20 7831 3113
Richard Sunderland        
Laurence Jones   

Branche: Real Estate
ISIN:      JE00B3DCF752
Index:    Standard Market Continous
Börsen:  Wien / official market

Weitere Meldungen: Atrium European Real Estate Limited

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