Société de la Tour Eiffel has reached an agreement with a banking consortium for the refinancing of around EUR 100 mln of corporate debt.
Société de la Tour Eiffel has reached an agreement with a banking consortium for the refinancing of around EUR 100 mln of corporate debt.
The French SIIC said that the initial credit line granted in June 2006 matured at end-March 2010. The loan has been refinanced by a combination of internal resources, a EUR 30 mln drawing on a mortgage credit facility provided by Deutsche Pfandbriefbank and a new EUR 35 mln credit line from Natixis, for a period of 12 months extendable for a further six months. The loan provided by Deutsche Pfandbriefbank expires in June 2013.
'This operation complements the company's overall debt restructuring which commenced in 2008 with the refinancing of the Alstom Massy project until 2017,' the company said.
In recent months Société de la Tour Eiffel also reached an agreement to extend the maturity of a EUR 360 mln loan granted by Deutsche Pfandbriefbank until June 2013.
The company plans to distribute a dividend of EUR 2 per share to shareholders at the end of May.
Société de la Tour Eiffel is a owner and developer of office properties in France. The firm’s EUR 1 bn portfolio is spread evenly between the Paris area and the regions.
