Finnish listed property company Citycon has signed a EUR 360 mln long-term, unsecured credit facility with a Nordic bank group. The facility consists of a bullet loan of EUR 190 mln and a EUR 170 mln revolving credit facility. The loan period is five years on average.
Finnish listed property company Citycon has signed a EUR 360 mln long-term, unsecured credit facility with a Nordic bank group. The facility consists of a bullet loan of EUR 190 mln and a EUR 170 mln revolving credit facility. The loan period is five years on average.
'This successfully arranged loan refinancing transaction marks an important point in Citycon’s refinancing activities,' said CFO and executive vice president Eero Sihvonen. The agreed margins were very competitive in the current debt markets, whilst naturally higher than those of the refinanced loans, the company added.
Following this transaction, Citycon said practically all its main bank loans that were due in 2013 have been refinanced.
The new syndicated credit facility will refinance an existing syndicated term loan facility due in August 2013 which had an outstanding amount of EUR 334 mln. In addition, the new facility will, together with the EUR 150 mln bond issued in May 2012, refinance a EUR 150 mln revolving credit facility due in November 2012 which is at the moment fully undrawn.
The mandated lead arrangers of the facility are Pohjola Bank, Danske Bank, Helsinki Branch, Nordea Bank Finland, Swedbank and Skandinaviska Enskilda Banken.
