TIDMSMTG

RNS Number : 1917C

Summit Germany Limited

17 January 2018

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

Summit Germany Limited

(the "Company")

Successful EUR300m Bond Placement

17 January 2018

Further to its announcements on 15 January 2018, Summit Germany Limited, the German commercial real estate company, is pleased to announce that it has successfully placed EUR300 million of senior fixed rate notes ("Senior Notes"). Due to strong demand, the Company upsized the offering of the Senior Notes from the originally announced volume of EUR250 million. The Senior Notes have a term of seven years and an interest rate of 2.00% p.a. The Senior Notes will be issued under New York law and are expected to be admitted to trading on the Euro MTF Market on the Luxembourg Stock Exchange. Standard & Poor's and Moody's rated the Senior Notes with "BBB-" and "Ba1", respectively. The net proceeds from the issue of the Senior Notes will be used to refinance existing secured indebtedness of certain subsidiaries of the Company and for general corporate purposes including the acquisition of assets.

As of 30 September 2017, on a pro forma basis assuming the offering of the Senior Notes had occurred, the Company's cost of debt amounted to 2.5%, the weighted average debt maturity amounted to 6.7 years, the amount of unencumbered assets was c. EUR705 million and the interest coverage ratio amounted to 4.8x, respectively.

For further information please contact:

 
Summit Germany Limited                 Tel: +44 (0) 1481 700 300 
Zohar Levy - Managing Director 
Itay Barlev (Braun) - Finance 
 Director 
 
Non-Executive Chairman                 Tel: +44 (0) 20 7451 7050 
Harry Hyman 
 
Carey Group, Company Secretary         Tel: +44 (0) 1481 700 300 
Sara Bourne 
 
Liberum Capital Limited, Nominated     Tel: +44 (0) 20 3100 2222 
 Adviser and Joint Broker 
Chris Clarke / Jill Li 
 
Cenkos Securities, Joint Broker        Tel: +44 (0) 20 7397 8900 
Mark Connelly 
Russell Kerr / Selwyn Jones (Broking)

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 17, 2018 12:30 ET (17:30 GMT)

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