21 Jan NSI secures long-term funding at implied investment grade credit rating
NSI NV has agreed to issue EUR 40 million of 8-year unsecured notes to Pricoa Capital Group. As a result, the company has extended its average debt maturity and further diversified its investor base.
Axeco Corporate Finance is pleased to have advised NSI
NSI N.V. has agreed to issue €40 million of 8-year unsecured notes to Pricoa Capital Group, part of the global investment business of Prudential Financial Inc. The Euro denominated notes have a fixed coupon reflecting an implied investment grade credit rating. This recognition from an internationally highly reputable investor is a reflection of the steps NSI has taken in the past few years to professionalise the organisation and strengthen its balance sheet.
Furthermore, a shelf facility has been agreed so that NSI can agree further notes with Pricoa and its affiliates in the future, with only tenor and coupons to be negotiated at the time of issuance.
As a result of this placement NSI has extended its average debt maturity and further diversified its investor base.
NSI N.V. is a specialist commercial property investor and the only listed real estate investment trust (REIT) focused on well-located offices in economic growth regions in The Netherlands. The NSI team aims to maximise returns for its shareholders through pro-active management of its investment portfolio, value-add initiatives and disciplined asset rotation. The portfolio, with a value of over one billion euros, is underpinned by a strong balance sheet, with significant capacity to fund both internal and external growth. By investing in attractive space and a high level of services for its customers, NSI can generate sustainable and growing revenues to support an attractive level of dividend.
About Pricoa Capital Group
Pricoa Capital Group has been a leading provider of private placements, mezzanine capital and equity, to companies for more than 75 years. Managing a portfolio of nearly US$82 billion as of 30 September 2017, Pricoa Capital offers private placements, mezzanine financing, leveraged leases, project financing, credit tenant leases as well as asset financing to companies, worldwide. The global regional office network has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Milan, Minneapolis, Newark, New York, Paris, San Francisco and Sydney.