Klépierre has raised a total of EUR 900 mln in two transactions on the debt capital markets. The Paris-listed real estate group said the transactions will enable it to refinance its next debt maturities under satisfactory conditions and over long durations, while also reinforcing its ability to finance its investment programme.
Klépierre has raised a total of EUR 900 mln in two transactions on the debt capital markets. The Paris-listed real estate group said the transactions will enable it to refinance its next debt maturities under satisfactory conditions and over long durations, while also reinforcing its ability to finance its investment programme.
Klépierre now has EUR 1.2 bn in unused credit lines while the average duration of the group’s debt has been extended from 6 to 6.3 years.
In the first transaction, Klépierre launched a seven-year, EUR 700 mln bond due April 13, 2017 and offering a coupon of 4%. The margin was set at 125 basis points above the swap rate, a competitive level compared to the secondary spread of its existing bond maturing in 2016.
Oversubscribed nearly threefold, the issue was placed with investors from across Europe. Strong interest was shown by investment funds and insurance companies in France, the UK, Germany and Switzerland.
In addition, Klépierre completed a private placement of EUR 200 mln with a 10-year tenure, due on April 14, 2020 and offering a coupon of 4.625%. The margin was 135 bps above the swap rate.
Last week Gecina, another Paris-listed real estate firm, raised EUR 250 mln through a bond issue.
