Debt Refinancing

On September 19, 2025, Five Point Holdings, LLC announced the expiration of its cash tender offer for its 10.500% Senior Notes due 2028. A significant $471.5 million (over 90%) was tendered. Five Point expects to accept all validly tendered notes by September 23 and pay on September 25, funded by a new $450 million offering of 8.000% Senior Notes due 2030 and cash reserves. The move aims to streamline capital structure and reduce interest expense, allowing for future development.

Kronos Worldwide (KRO) is issuing €75M in additional 9.50% Senior Secured Notes due 2029 through its subsidiary, Kronos International, Inc. This increases the outstanding amount of these notes to €426.174M. Proceeds will primarily address maturing 3.75% Senior Secured Notes due September 2025, or repay amounts drawn from the Wells Fargo credit facility for the same purpose. The offering’s completion is subject to market conditions. The notes are guaranteed and secured by company assets.

Simon Property Group’s operating partnership is selling $1.5 billion in senior notes due 2030 and 2035 with a weighted average coupon of 4.775%. The offering, managed by firms like BBVA and J.P. Morgan, is expected to close on August 19, 2025. Proceeds will be used to redeem $1.1 billion in notes maturing in September 2025 and for general corporate purposes, potentially reducing unsecured debt. This move aims to optimize Simon’s debt profile amid changing interest rates. Risks include market conditions and forward-looking statements.