Finnish property company Sponda said it has reached an agreement with lender Nordea Bank Finland for a new EUR 150 mln unsecured five-year facility. The loan will be used to repay existing debts and will replace short-term credit limits for the same amount that mature in March 2010. The margin on the loan corresponds to current market rates and the terms and conditions of the loans are the same as Sponda's other loans.
Finnish property company Sponda said it has reached an agreement with lender Nordea Bank Finland for a new EUR 150 mln unsecured five-year facility. The loan will be used to repay existing debts and will replace short-term credit limits for the same amount that mature in March 2010. The margin on the loan corresponds to current market rates and the terms and conditions of the loans are the same as Sponda's other loans.
Earlier this year the company, which specialises in commercial properties in Finland and Russia, announced the launch of a EUR 208 mln rights issue in a bid to repay part of its debt.
The company had total debt of EUR 1.6 bn at end-September 2009, comprising syndicated loans of EUR 685 mln, EUR 259 mln in bonds, EUR 151 mln in issued commercial papers, and EUR 527 mln in loans from financial institutions.
