AI assistant
Park Street Capital/Financing Update 2017
3453_rns_2017-11-02_4a5e49ea-bcde-4378-8534-e8788eba67ba.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
PARK STREET
norbicom
Updates
PARK STREET nordicom
Restructuring
- Park Street Nordicom A/S (PSN) has now refinanced DKK 1.2bn of mortgage debt. Average maturity of new mortgage debt is 17.8 yrs
- PSN has agreed new terms for Bank and unsecured debt of DKK 536 million. This debt has an average maturity of 4.8 yrs
- Park Street NordAc Sarl (PSNAc) owns DKK 373 million of PSN debt and has agreed to convert DKK 283 million of debt into B-shares of PSN. This concludes Phase 1 of restructuring
- As the final step of restructuring, it has been agreed that DKK 90 million of debt held by PSNAc will be converted to common equity of PSN, subject to DKK 50 million of new capital injection into PSN by April 2018
- Park Street Asset Management (PSAM) has committed to facilitate further DKK 50 million of capital injection into PSN
PARK STREET
norpicom
Balance Sheet Summary of PSN
| Statement of financial position | ||
|---|---|---|
| Amounts in DKK 1000s | 30 September 2017 | |
| (After Phase 1 Restructuring) | 30 June 2017 | |
| ASSETS | ||
| Property, plant and equipment | 2,078,011 | 2,073,827 |
| Financial assets | 2,299 | 2,264 |
| Total non-current assets | 2,080,310 | 2,076,091 |
| Total current assets | 51,741 | 58,538 |
| Total assets | 2,132,052 | 2,134,629 |
| Statement of financial position | ||
| --- | --- | --- |
| Amounts in DKK 1000s | 30 September 2017 | |
| (After Phase 1 Restructuring) | 30 June 2017 | |
| LIABILITIES | ||
| Equity | ||
| Share capital | 12,028 | 12,028 |
| Foreign currency reserve | 146 | 146 |
| Revaluation reserve | 19,742 | 19,742 |
| Accumulated profit | 229,931 | -5,606 |
| Opening Accumulated profit (YE 2016) | -65,130 | -65,130 |
| Result of the year (Estimated YTD) | 62,524 | 52,654 |
| Debt Conversion | 227,533 | - |
| Bonds Market Value Adjustment | 5,004 | - |
| Total equity | 261,847 | 26,310 |
| Non-current liabilities | 1,377,621 | 1,240,582 |
| Current liabilities | 492,583 | 874,455 |
| Total liabilities | 1,870,205 | 2,115,037 |
| Total equity and liabilities | 2,132,052 | 2,141,347 |
PARK STREET nordicom
Strategic Partnership with LEA
- Park Street Nordicom (PSN) has entered into a strategic partnership with LEA Ejendomspartner A/S, following which
- LEA will manage the property administration for PSN portfolio across Denmark
- PSN is currently working with Xplore Markets to streamline the reporting and develop technology solutions for effective property management
- The strategic partnership with LEA will facilitate further development of dynamic property management and reporting
PARK STREET
norpicom
EBVAT expectations
- There are no changes to the EBVAT expectations for 2017, and will be within the range of DKK 25 to 35 million
- PSN expects the EBVAT for 2018 to be around DKK 80 million, primarily driven by the phase 1 restructuring implementation
PARK STREET nordicom
Park Street Nordicom Websites
www.nordicom.dk
www.psnas.com