Klepierre, the French shopping centre manager, has signed a EUR 1 bn line of credit to be syndicated among five banks. The loan, initially launched for EUR 800 mln, features a seven-year term and financing covenants identical to those for the January 2006 syndicated loan agreement. It has a margin of between 0.45% and 0.55% based on a 'loan-to-value' grid. The five participating banks are BNP Paribs, BECM, Cicobail, Heleba and ING.
Klepierre, the French shopping centre manager, has signed a EUR 1 bn line of credit to be syndicated among five banks. The loan, initially launched for EUR 800 mln, features a seven-year term and financing covenants identical to those for the January 2006 syndicated loan agreement. It has a margin of between 0.45% and 0.55% based on a 'loan-to-value' grid. The five participating banks are BNP Paribs, BECM, Cicobail, Heleba and ING.
Once the transaction is finalised, and after early repayment of a EUR 400 mln credit line due in January 2008, the average time to maturity of Klepierre’s debt will be 5.6 years. Klépierre, who also owns, rents and manages offices and warehouses, has property assets in France, Italy, Spain, Portugal, Slovakia, Greece and the Czech Republic.
