Cibus Nordic Real Estate AB (publ) refinances the final remaining senior debt facility
Following the refinancing of the first two of its three senior debt facilities, announced in November 2018 and February 2019, Cibus Nordic Real Estate AB (publ) ("Cibus" or the "Company") has now refinanced the final remaining senior debt facility. The refinancing has a positive effect on the Company's future cash flows.
The new €190 million facility with Nordea Bank, LocalTapiola and Swedbank has a lower margin and a longer maturity than before. It also includes a facility for further acquisitions. The facility is large enough to enable the Company to carry out its acquisition strategy during this year and next year at the planned pace.
"At the time of the IPO, the Company set out a target to refinance all its existing senior loans within a two-year time frame. The target was to decrease the margin and increase the debt amount so that acquisitions for a total of €100 million could be acquired without increasing the total interest expense of the company. We have now concluded the refinancing quicker than anticipated and fulfilled the margin target. In addition to that, we have been able to secure even more financing than originally anticipated. This facility will now let us continue the pace of €50 million in new acquisitions per year all through 2020. After that, we will start focusing on a potential refinancing of the outstanding bond of the Company" says Sverker Källgården, CEO of Cibus.
24 June 2019
For further information, please contact:
Sverker Källgården, CEO, Cibus Nordic Real Estate (+46 761 444 888)
Cibus is a real estate company listed on Nasdaq First North in Stockholm. The company's business idea is to acquire, develop and manage high quality properties in the Nordics with daily goods store chains as anchor tenants. The company currently owns 138 properties in Finland. The main tenants are Kesko, Tokmanni and S-Group. FNCA Sweden AB, +46(0)8-528 00 399 [email protected], is appointed Certified Adviser.
Om Cibus
Cibus affärsidé är att förvärva, förädla och utveckla högkvalitativa fastigheter i Norden med välrenommerade livsmedelsbutiker och dagligvarukedjor som ankarhyresgäster för att kunna ge en stabil, konjunkturoberoende och ökande utdelning till våra aktieägare.
Prenumerera
Få löpande information från Cibus via e-post.