Hibernia REIT PLC Hibernia agrees unsecured refinancing (9028K)
19 December 2018 - 6:00PM
UK Regulatory
TIDMHBRN
RNS Number : 9028K
Hibernia REIT PLC
19 December 2018
Hibernia agrees unsecured refinancing
Hibernia REIT plc ("Hibernia" or the "Group") announces the
refinancing of its EUR400m secured revolving credit facility (the
"Secured Facility") with:
-- A EUR320m unsecured revolving credit facility (the "Unsecured Facility"); and
-- EUR75m of unsecured US private placement notes (the "Notes")
The Unsecured Facility has a five year term and a margin of 2.0%
over EURIBOR. The participating banks (joint arrangers) are Bank of
Ireland, Wells Fargo, Barclays Bank Ireland and Allied Irish Banks.
Bank of Ireland and Wells Fargo acted as joint coordinators and
Bank of Ireland is acting as agent. Previously the Secured
Facility, which was repayable in November 2020 and had a margin of
2.05%, was the Group's sole debt facility.
The Notes have an average maturity of 8.5 years and a weighted
average coupon (fixed rate) of 2.53%. They are being placed with a
single institutional investor in a transaction priced on 26 October
2018 and pursuant to a note purchase agreement signed on 18
December 2018 which will close on 23 January 2019 and comprises two
tranches: EUR37.5m at 2.36% due 2026 and EUR37.5m at 2.69% due
2029.
As a result of the refinancing the weighted average maturity of
the Group's debt has increased from 1.9 years to 5.7 years. The
Group's current net debt position is EUR210m.
Tom Edwards-Moss, Chief Financial Officer of Hibernia, said:
"We are delighted to have agreed this refinancing which
significantly extends the maturity of our debt and locks in longer
term, low cost funding. In addition, our move to an unsecured debt
structure, the first Irish REIT to do so, ensures we have access to
the widest possible range of funding options in future."
ENDS
Contacts:
Hibernia REIT plc +353 1 536 9100
Tom Edwards-Moss, Chief Financial Officer
Nick Treanor, Financial Controller
Murray Consultants
Doug Keatinge: +353 86 037 4163, dkeatinge@murraygroup.ie
Jill Farrelly: +353 87 738 6608, jfarrelly@murraygroup.ie
About Hibernia REIT plc
Hibernia REIT plc is an Irish Real Estate Investment Trust
("REIT"), listed on Euronext Dublin and the London Stock Exchange.
Hibernia owns and develops property and specialises in Dublin city
centre offices.
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END
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