Slovakian real estate developer HB Reavis has completed the issue of a new series of its PLN 500 mln (€116 mln) bond programme established for the Polish market, raising PLN 220 mln (€51.9 mln).
According to HB Reavis, this latest issue represents not only the largest tranche in the company's history but also the largest bond issue achieved by a commercial real estate developer in Poland so far this year.
'The interest in our latest bond issue exceeded our expectations and has served to further strengthen HB Reavis’ reputation amongst subscribers in the Polish bond market. We are very pleased to see a large number of recurring investors as well as welcome new investors who decided to invest in HB Reavis credit for the first time,' commented Group CFO Marian Herman (pictured).
HB Reavis said that the investor profiles, all Polish, comprised 70% investment funds, 18% banks and 12% private banking clients.
The 4.5-year bonds were placed with a floating coupon rate of 420 basis points above the six-month Warsaw interbank offered rate (WIBOR).
This second tranche has fulfilled over 60% of HB Reavis’ PLN 500 mln Polish bond programme, bringing the total raised to PLN 320 mln (€75 mln) following the first bond issue in Q4 2016.
The proceeds from this latest issue, carried out in cooperation with mBank and Haitong Bank acting as arrangers, will support the company’s international acquisition and development strategy.
