【will god forgive me for taking plan b】Unibail-Rodamco-Westfield (“URW”) announces tender offer results
Paris,URWwill god forgive me for taking plan b Amsterdam, December 3, 2020
Press release
Unibail-Rodamco-Westfield (“URW”) announces tender offer results
Further to the announcement on November 25, 2020, of the successful €2 Bn bond issuance and the launch of the concurrent tender offer, URW today announces the results of its tender offer, which will enable the Group to repurchase bonds with a total nominal amount of €544.9 Mn (19.56% of the outstanding amount) as detailed below:
ISIN
Issue Date
Maturity
Coupon
Outstanding Amount
Tendered Amount
Outstanding Amount after tender offer
XS0894202968
25/02/2013
25/02/2021
2.375%
€418,380,000
€31,150,000
€387,230,000
FR0013332970
15/05/2018
14/05/2021
0.125%
€800,000,000
€314,500,000
€485,500,000
XS1121177338
15/10/2014
17/10/2022
1.375%
€318,515,000
€61,174,000
€257,341,000
XS0942388462
12/06/2013
12/06/2023
2.500%
€498,792,000
€31,782,000
€467,010,000
XS1038708522
26/02/2014
26/02/2024
2.500%
€750,000,000
€106,252,000
€643,748,000
The tender offer will be funded from the net proceeds of the November 2020 bond issuance, and is part of the Group’s active debt management strategy.
URW accepted all tenders and the settlement will take place on December 4, 2020.
For further information, please contact:
Investor Relations
Samuel Warwood
Maarten Otte
+33 1 76 77 58 02
Media Relations
Céline van Steenbrugghe
+33 6 71 89 73 08
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is the premier global developer and operator of Flagship Destinations, with a portfolio valued at €58.3 Bn as at September 30, 2020, of which 86% in retail, 7% in offices, 5% in convention & exhibition venues and 2% in services. Currently, the Group owns and operates 89 shopping centres, including 55 Flagships in the most dynamic cities in Europe and the United States. Its centres welcome 1.2 billion visits per year. Present on two continents and in 12 countries, Unibail-Rodamco-Westfield provides a unique platform for retailers and brand events and offers an exceptional and constantly renewed experience for customers.
With the support of its 3,400 professionals and an unparalleled track-record and know-how, Unibail-Rodamco-Westfield is ideally positioned to generate superior value and develop world-class projects.
Unibail-Rodamco-Westfield distinguishes itself by its Better Places 2030 agenda, that sets its ambition to create better places that respect the highest environmental standards and contribute to better cities.
Unibail-Rodamco-Westfield stapled shares are listed on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from an BBB+ rating from Standard & Poor’s and from a Baa1 rating from Moody’s.
Story continues
For more information, please visit
www.urw.com
Visit our Media Library at
https://mediacentre.urw.com
Follow the Group updates on Twitter
@urw_group
@Unibail-Rodamco-Westfield
and Instagram
@urw_group
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Unibail-Rodamco-Westfield (URW) announces tender offer results
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Open enrollment 2021: You may be able to carry over unused FSA funds of up to $550The Global Physiotherapy Equipment Market is expected to grow from USD 14,684.89 Million in 2018 to USD 23,874.40 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 7.18%Peak Announces Initiation of Research Coverage by eResearchMorgan Stanley Deboards From Cruise Lines, Bearish On Carnival, Norwegian And Royal CaribbeanSpa chain secured $5.6M in coronavirus relief for small businesses despite losses last year5%, led by a 17% increase in average ticket and a slight decline in traffic. Growth in the quarter reflected the impact of households stocking up on essentials like paper goods and cleaning supplies as the pandemic became a nationwide concern, along with strength in discretionary categories as the quarter came to a close and stimulus dollars and tax refunds were disbursed.
As shown below, the results in the quarter materially changed the trend in two-year stacked comps for each of the banners, along with a significant acceleration for consolidated comps.
The increase in consolidated comps was the primary driver of an 8% increase in revenues to $6.3 billion. The company ended the quarter with 15,370 locations, up less than 1% year-over-year. This reflects a 7% increase in Dollar Tree units, offset by a 4% decline in Family Dollar units.
The top-line results at each banner flowed through to their respective income statements, with Dollar Tree gross margins and operating margins declining year-over-year while Family Dollar gross margins and operating margins expanded year-over-year. On a consolidated basis, gross margins contracted by 120 basis points in the quarter to 28.5%, reflective of a shift to lower-margin consumables, tariff costs and the impact of markdowns from the Easter headwinds at the Dollar Tree banner. The company saw slight operating leverage on SG&A from higher comps, with the net result being an 80 basis point contraction in operating margins to 5.8%, with operating income declining 5% to $366 million. This is not adjusted for $73 million of pandemic-related costs, such as PPE supplies.
In the first quarter, the company opened 85 stores (net of closures) and completed 220 Family Dollar renovations to the H2 format. Importantly, comps at renovated Family Dollar stores continue to outpace the chain average by more than 10%. On the call, management indicated that they plan on reducing both the number of new store openings (from 550 to 500) and the number of H2 renovations (from 1,250 to 750) in 2020.
Personally, given the fact that Family Dollar is seeing material benefits to its business from the pandemic with new or lapsed customers coming into its stores, I think the company should try to get more aggressive with its renovation plans, not less. On the other hand, you could argue that renovations cause short-term disruptions and limit their ability to fully capitalize on the business momentum they are currently experiencing.
As a result of fewer new stores and remodels, management now expects 2020 capital expenditures to total $1.0 billion compared to previous guidance of $1.2 billion. In addition, the company has temporarily suspended share repurchases. At quarter's end, the company had $1.8 billion in cash on its balance sheet compared to $4.3 billion in total debt.
Conclusion
In recent years, Dollar Tree has been a tale of two cities. While its namesake banner has generally delivered impressive financial results, Family Dollar has been a persistent underperformer. This quarter, those results flipped, and given what we've seen in the weeks since quarter's end, there's a decent possibility that we will see something similar in the coming months. As the CEO noted, the second quarter is off to a very good start at Family Dollar.
Here's the important question: how useful is that information is in terms of making future predictions about the business? Will recent success at Family Dollar translate into long-term success for the banner? The optimistic take is that new or lapsed customers, especially those visiting the renovated stores, could become recurring business for the banner. The pessimistic take is that they have experienced short-term success out of necessity as people went to any store that was open to try and find essentials like toilet paper and hand sanitizer that were largely out of stock throughout the retail landscape. From that view, many of these customers could abandon the retailer when life returns to normal. As Philbin noted on the conference call, early on [during the pandemic], folks needed us. Will people still shop as much at Family Dollar when it's no longer a necessity?
Personally, I do not place too much weight on the recent results. I will need to see incremental data points that indicate that Family Dollar has truly won sustained business from these new customers. While I still believe that the Dollar Tree banner is a well-positioned retailer with attractive unit returns, I'm not yet willing to say the same thing for Family Dollar. For that reason, along with the recent run-up in the stock price, I plan on staying on the sidelines for now.
Disclosure: None
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