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Wereldhave N.V. — Capital/Financing Update 2015
Jun 17, 2015
3898_iss_2015-06-17_a4e6d5b7-3e5d-44c7-beae-9f96008f3122.pdf
Capital/Financing Update
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PRESS RELEASE
Wereldhave successfully secures long term funding
Schiphol, 17 June 2015
Wereldhave N.V. successfully secures US Private Placement funding of EUR 211 million with an average maturity of 12.3 years at all in cost of 2.4 %.
Wereldhave N.V. ('Wereldhave') has reached agreement with US and UK institutional investors to issue US Private Placement Notes for a total amount of EUR 211 million equivalent.
This transaction follows the funding strategy of securing long term funding and increasing the maturity profile and at the same time fixing the interest rate.
This US Private Placement allows Wereldhave to extend the maturity of its debt in a low interest rate environment. The transaction, which is expected to close in July, was priced on 21 May, ahead of the most recent hike in interest rates. Due diligence has meanwhile been completed.
The notes are denominated in US Dollars (30 million), Canadian Dollars (20 million), Euros (120 million) and British Pounds (35 million) with an average weighted maturity of 12.3 years.
The notes have been swapped into Euros at fixed interest rates, until maturity. The weighted average interest cost for Wereldhave is 2.4 % (after currency and interest rate swaps).
Wereldhave has tapped the US private placement market successfully for the third time and is thankful for the continued support by its investors.
Barclays acted as sole agent in this transaction. Swaps were effectuated with ABN AMRO and ING.
Information for the press: Information for analysts: Richard W. Beentjes Jaap-Jan Fit E [email protected] E [email protected] T + 31 20 702 78 32 T + 31 20 702 78 43
About Wereldhave
Wereldhave is a Dutch listed property investment company. Wereldhave focuses on dominant midsized shopping centres in larger provincial cities in northwest continental Europe and sustainable offices in Paris. The catchment area should comprise of at least 100,000 inhabitants within 10 minutes travel time. Wereldhave's shopping centres offer consumers 'convenient shopping': 90% of shopping needs, strong (inter) national tenants, fully embedded food and beverage functions and easy accessibility, in combination with strong food anchors.
For more information: www.wereldhave.com