Unibail-Rodamco-Westfield, which came together in 2018 to create as the companies claimed the "world's premier developer and operator of flagship shopping destinations," is offering fixed income investors an "any-and-all par-for-par" exchange of $1.37 billion in existing 2.125% hybrid notes for a new issuance with a 7.25% coupon and cash amount.
An unusual move tied to a key aspect of the company's strategy: deleveraging its financial exposure to the US.
In full-year 2021 and 2022 financial statements, U.S. operations presented the highest non-recurring activities losses and, subsequently, the largest annual losses of any other territory.
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