IGD SIIQ SPA enters into €135 million mortgage loan with BNP Paribas (IT)

Immobiliare Grande Distribuzione SIIQ S.p.A. has entered into a mortgage loan agreement with the Italian branch of BNP Paribas for an amount equal to €135 million.

The loan will be used to repay the remaining €107.1 million of the €230 million Convertible Bond (3.50% due 28 December 2013), which was partly repaid via an exchange offer on April 18, 2013. The balance of the funds will be used to support the development plans of the Company.

The loan has a five-year maturity and a spread of 425 basis points over 3-month Euribor. The drawdown will occur within 15 days of the signing date. The loan agreement contains typical provisions for a transaction of this type.

"The confidence placed in us by a leading European bank such as BNP Paribas confirms the good standing of the Company and represents an excellent starting point for next year’s initiatives" said Claudio Albertini, Chief Executive Officer of IGD - Immobiliare Grande Distribuzione SIIQ S.p.A.

Source: IGD

Related News