Spanish REIT Merlin Properties has announced the issue of unsubordinated ordinary bonds in the Euromarket for a principal amount of €500 mln.
The notes have been issued with a maturity of 9 years, at an issue price of 99.196% of nominal value, and an annual coupon of 1.375%, being the Merlin’s issuance with lowest cost to date.
The proceeds will be used to repay the bonds expiring in May 2022, bearing an annual coupon of 2.375%, 100 basis points higher than the coupon of the new bonds.
The company said that it will not face new bonds expiries up until April 2023.
