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Wereldhave N.V. — Capital/Financing Update 2014
Mar 28, 2014
3898_iss_2014-03-28_3574d6ad-f825-4c3d-9cc5-13e43ef557a8.pdf
Capital/Financing Update
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PRESS RELEASE
Wereldhave signs a €300M syndicated revolving credit facility agreement
Schiphol, 28 March 2014
Wereldhave has signed a €300m syndicated revolving credit facility agreement with a syndicate of 5 banks, refinancing its current €270m facility due to expire mid-2015. As a result, Wereldhave extends its average maturity of available credit lines, decreases its average cost of debt and reduces the cost on undrawn commitments due to lower margin.
The transaction was initially launched for €250m but due to oversubscription increased to a € 300m facility with maturity in March 2019. The covenants are in line with other existing facilities. The successful transaction reflects Wereldhave's attractive credit profile. At year-end 2013, the Loan-to-Value stood at 27.4%, the ICR at 6.6x and the average cost of debt at 2.8%.
The consortium of banks consists of ABN-AMRO Bank N.V., Barclays Bank PLC, BNP Paribas, ING Bank N.V. and The Royal Bank of Scotland as Book running Mandated Lead Arrangers with ING acting as Coordinator and Facility Agent.
Information for the press: Information for analysts: Richard W. Beentjes Jaap-Jan Fit E [email protected] E [email protected] T + 31 20 702 78 33 T + 31 20 702 78 43