Belgian property developer Atenor has successfully placed a EUR 75 mln five-year bond aimed at diversifying its sources of financing. The company said that the bond offering was raised from EUR 50 mln to EUR 75 mln as a result of 'considerable demand' from investors.
Belgian property developer Atenor has successfully placed a EUR 75 mln five-year bond aimed at diversifying its sources of financing. The company said that the bond offering was raised from EUR 50 mln to EUR 75 mln as a result of 'considerable demand' from investors.
The offering, with a 6% gross coupon, was aimed at retail and institutional investors in Belgium and the Grand Duchy of Luxembourg. The bonds, which will be listed on the stock market of Luxembourg, will bear interest at a rate of 6% gross per year and will reach maturity on 18 January 2015. The date of payment was set for 18 January 2010.
The banks KBC and Degroof acted as joint lead managers for the issue and placement of the bonds. Nauta Dutilh was the legal adviser.
The proceeds will allow Atenor 'to continue to develop the projects in its portfolio, to implement its prudent acquisition policy aimed at making new investments in Belgium and the Grand Duchy of Luxembourg, and will serve as needed to reimburse commercial papers arriving at maturity within the normal framework of its programme'.
'The great success the issue of this bond met with very definitely underlines Atenor's ability to access the capital markets, especially via this type of medium-term investment,' said Atenor's CFO Sidney D. Bens. 'The diversification of our sources of financing strengthens Atenor's financial resources while adding to the bank financing that Atenor already has at its disposal.'
