Klépierre announces it has signed a €750 million syndicated revolving credit facility leading to a 1-year extension of the average maturity of available credit lines through partial replacement of existing ones.
On June 3, 2012, Klépierre signed a €750 million syndicated revolving credit facility with a pool of 16 international banks. This transaction which was initially launched for €500 million has been significantly oversubscribed reflecting the attractiveness of Klépierre’s credit quality.
The facility has a five-year term and a margin of 130 bps over three months Euribor based on a rating grid. The covenants package is identical to other
existing credits.
This new financing comes in partial replacement of bilateral undrawn facilities granted by BNP Paribas in 2012: one maturing March 2016 with an initial amount of €500 million has been reduced to €125 million; one maturing March 2018 of €500 million has also been reduced to €125 million.
After completion of this transaction, the Group level of liquidity remains unchanged at around €2 billion and the average maturity of available credit lines is increased by one year to reach 3.8 years. The Group debt average maturity now stands at 5.3 years. The savings on a full year basis when undrawn will amount to €3.3 million.
The transaction has been coordinated by Barclays (Documentation agent) and BNP Paribas (Facility agent) acting as Mandated Lead arrangers and Bookrunners. The syndicate also includes many of the most prominent global banks: HSBC, JP Morgan, RBS, BECM, CACIB, ING, and Natixis as Mandated Lead Arrangers, Deutsche Bank, Goldman Sachs and Morgan Stanley as Lead Arrangers and Bank of America Merrill Lynch, Crédit Foncier, UBS and Intesa San Paolo as Arrangers.
Source: Klépierre
