Dentons advises CPI Property Group on debt refinancing and hybrid issuance

London-Global law firm Dentons has advised CPI Property Group (CPIPG) on a series of transactions involving the issuance of new bonds, both senior and subordinated, and the repurchase of various series of CPIPG's existing debt. The project comprised the issuance of £400 million Senior Unsecured Green Notes under its Euro Medium Term Note (EMTN) Programme, the successful tender for certain outstanding notes (with the maximum acceptance amount upsized to €500 million to reflect strong investor participation) and a €50 million tap issuance of its Undated Type A Subordinated Hybrid Notes.

The transaction forms part of CPIPG's active liability management strategy. Through the tender, CPIPG repurchased shorter-dated Euro-denominated bonds, thereby extending its debt maturity profile. The issuance of £400 million Senior Unsecured Green Notes further diversifies CPIPG's funding sources and currency mix, supporting a more balanced debt profile while reinforcing the Group's continued commitment to sustainable financing.

In addition, CPIPG tapped its Undated Type A Subordinated Hybrid Notes for €50 million. The hybrid notes, which receive 100% equity credit from Moody's, continue to demonstrate their strategic value within CPIPG's capital structure.

Dentons has previously advised CPIPG on various issuances and liability management exercises under its EMTN Programme, as well as the innovative structuring of its hybrid notes and a repurchase of US private placement notes.

The Dentons team advising CPIPG was led by partners Nick Hayday, with support from associates Ed Varney and Tom Day, trainee Tiara Mistry and solicitor apprentice Dylan Shah. Dentons Luxembourg further supported on the new issuance and tender, with advice provided by partner Stéphane Hadet, managing counsel Olivier Lesage, and associate Arnida Alija-Bytyçi.

Nick Hayday, Head of Banking and Financial Services UK, and Global Co-Chair of Banking and Finance, commented: "We have worked closely with CPIPG over many years and are proud to support them on this series of transactions. Delivering the issuance, tender and hybrid tap in tight timelines in order for CPIPG to utilise an advantageous market window required seamless collaboration across the Dentons network. We are delighted with the positive outcome for CPIPG."

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