AMB obtains EUR 232m refinancing deal

Global industrial real estate specialist AMB has announced that it has refinanced a $325 mln (eur 218.4 mln) senior unsecured term loan facility, which was set to mature in September 2010.

The New York-listed firm has replaced the loan with a new $345 mln facility that matures in October 2012.

The facility was modified to include Euro and Yen tranches, with both the multi-currency and the US dollar components currently priced at 275 basis points over the applicable LIBOR index. The terms also include an option to increase the facility to $425 mln at any time prior to October 2011.

'This transaction further fortifies our financial position and, with its newly-established multi-currency component, aligns with the global nature of our business,' said Thomas Olinger, AMB's chief financial officer. 'We continue to have access to the debt markets at competitive pricing due to the strength of our balance sheet, as well as the quality of our lender relationships which was demonstrated by our ability to upsize the facility.'

JP Morgan Securities and Sumitomo Mitsui Banking Corporation were the lead arrangers and book managers,. JPMorgan Chase Bank, N.A., JP Morgan Europe and Sumitomo Mitsui Banking Corporation are the administrative agents, and Sumitomo Mitsui Banking Corporation is the syndication agent for the facility.