Successful EUR 300m Bond Placement

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 €300m 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 €300 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 €250 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. €705 million and the interest coverage ratio amounted to 4.8x, respectively.

For further information please contact:

Summit Germany Limited	Tel: [phone]
Zohar Levy - Managing Director
Itay Barlev (Braun) - Finance Director
Non-Executive Chairman	Tel: [phone]
Harry Hyman
Carey Group, Company Secretary	Tel: [phone]
Sara Bourne
Liberum Capital Limited, Nominated Adviser and Joint Broker	Tel: [phone]
Chris Clarke / Jill Li
Cenkos Securities, Joint Broker	Tel: [phone]
Mark Connelly
Russell Kerr / Selwyn Jones (Broking)

 

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