Rodamco Europe N.V. announces € 500 million Revolving Credit Facility

Rodamco Europe, the largest publicly listed property investment and management company in the retail sector in Europe, and mandated lead arrangers ABN AMRO and Citigroup, announce the successful completion and signing yesterday of a new € 500 million multicurrency revolving credit facility. The facility, which was syndicated amongst the company’s relationships banks, attracted strong support from the market as commitments over € 850 million were raised. As a result of the oversubscription Rodamco Europe has opted to increase the facility size to € 500 million from the initial launch amount of € 400 million.

CEO Maarten Hulshoff: 'Rodamco Europe is pleased with the success of this deal. The deal further improves Rodamco Europe’s financial flexibility and shows that the strong single A credit rating provides the company with greater access to favourable funding levels through bank facilities as well as the capital markets, which will be tapped through an EMTN programme as well as further bond issues.'

The facility, which has a maturity of five years, is for liquidity back up and general corporate purposes. The transaction replaces Rodamco Europe’s existing €440 million Tranche B facility of the previous syndicated loan dated September 1999 and maturing in September 2004. Under the terms of the new facility the margin is 40 basispoints to Euribor whereas the commitment fee amounts to 16 basis points on the uncalled / undrawn part.

The 22-strong syndicate comprises Mandated Lead Arrangers ABN AMRO Bank N.V and Citigroup. Arrangers are Barclays Capital, BBVA Ireland plc, BNP Paribas SA, Credit Suisse First Boston, Deutsche Bank Luxembourg SA, Dexia Investments Ireland, Fortis Bank (Nederland) N.V., HSBC Bank plc, ING Bank N.V., JP Morgan Chase Bank, Banque LBLux S.A., Lloyds TSB Bank, Morgan Stanley, Nykredit Bank A/S, The Royal Bank of Scotland, Sumitomo Mitsui Banking Corporation, Svenska Handelsbanken AB and UBS Limited. Senior Lead Managers are Allied Irish Bank plc and Nordea.

Source: Rodamco Europe

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