French listed property firm Icade has successfully carried out its inaugural bond issue just a few weeks after having completed its tender offer for business park specialist Silic.
French listed property firm Icade has successfully carried out its inaugural bond issue just a few weeks after having completed its tender offer for business park specialist Silic.
Icade, a subsidiary of Caisse des Dépots, has placed two loans which have been vastly oversubscribed with demand largely coming from European investors.
The issue involves a five-year bond with a volume of €500 mln, a 100bp spread over the reference rate and a coupon rate of 2.25%; as well as a 10-year bond with a volume of €300 mln, a 135bp spread and a coupon rate of 3.375%.
'Just as announced, we have launched our first bond issue soon after closing the deal on Silic,' commented Serge Grzybowski. 'We are very happy with the conditions in which these two loans have been issued today, conditions which have allowed us to take an important step forward in the consolidation of our model while merging with Silic.'
Earlier this year Icade completed the take over of France's largest business park owner Silic lifting its overall portfolio to over €10 bn.
