SCHIPHOL, The Netherlands, June 17, 2015 (GLOBE NEWSWIRE) -- Wereldhave N.V. ('Wereldhave') has reached agreement with US and UK institutional investors to issue US Private Placement Notes for a total amount of EUR 211 million equivalent.
This transaction follows the funding strategy of securing long term funding and increasing the maturity profile and at the same time fixing the interest rate.
This US Private Placement allows Wereldhave to extend the maturity of its debt in a low interest rate environment. The transaction, which is expected to close in July, was priced on 21 May, ahead of the most recent hike in interest rates. Due diligence has meanwhile been completed.
The notes are denominated in US Dollars (30 million), Canadian Dollars (20 million), Euros (120 million) and British Pounds (35 million) with an average weighted maturity of 12.3 years.
The notes have been swapped into Euros at fixed interest rates, until maturity. The weighted average interest cost for Wereldhave is 2.4 % (after currency and interest rate swaps).
Wereldhave has tapped the US private placement market successfully for the third time and is thankful for the continued support by its investors.
Barclays acted as sole agent in this transaction. Swaps were effectuated with ABN AMRO and ING.
Information for the press:
Richard W. Beentjes
T + 31 20 702 78 32
Information for analysts:
T + 31 20 702 78 43