Aroundtown - comment

AroundTown is in the process of extending its maturity profile through a combination of calls, tender offers and the issuance of new Senior Notes. On Monday, the company announced the call and redemption of the 1.875% 2026 AroundTown Notes. This morning, it launched a tender offer for the 1.5% 2026 Notes, the 2% 2026 Notes and the 4.8% 2029 Notes, which will be financed by a new sterling-denominated Senior Notes issuance.

This activity represents standard practice in managing and optimising the company’s funding profile. However, what remains absent is clear evidence of a strategic transition from conservative balance sheet management towards a renewed growth phase. Although the company has suggested such a shift in priority, tangible action demonstrating this change has yet to materialise.