21 Apr Wereldhave refinances EUR 300 million syndicated revolving credit facility at improved terms
Wereldhave entered into an agreement to refinance its EUR 300 million syndicated revolving credit facility. This agreement allows the company to extend its maturity profile, decreases its average cost of debt, and reduces the cost of undrawn committed facilities.
Axeco Corporate Finance is pleased to have advised the management team of Wereldhave
Wereldhave has refinanced its 2014 EUR 300m syndicated revolving credit facility with a new €300m syndicated revolving credit facility pushing the maturity out to February 2022. The 2014 facility was due to expire in March 2019. The new facility takes advantage of favourable market conditions, features two one-year extension options and includes a €100m accordion feature.
As a result, Wereldhave extends its maturity profile, decreases its average cost of debt and, due to a lower margin, reduces the cost of undrawn committed facilities. Other core terms and conditions, like covenants, did not change and remain in line with Wereldhave’s other existing facilities.
Wereldhave invests in dominant convenience shopping centres in larger provincial cities in northwest continental Europe. The area surrounding our centres will include at least 100,000 inhabitants within 10 minutes’ travel time from the centre. They focus on shopping centres that strike a balance between convenience and shopping experience. With easy accessibility, products that cover all the daily shopping needs, a successful mix of international and local retail products and strong food anchor stores, their centres provide convenience shopping to accommodate a busy urban lifestyle as well as an ageing population. They aim for an experience that goes beyond shopping, with restaurants, kids’ playgrounds and high quality amenities in order to attract families – and keep them with Wereldhave for longer visits.