PEPR receives EUR440.9 million of funding from new secured financings
(Thomson Reuters ONE) - This press release is not an offer of securities for sale, or the solicitationof an offer to buy securities, in the United States or elsewhere. The securitiesmentioned in this press release have not been and will not be registeredpursuant to the US Securities Act of 1933, as amended. They cannot be offered orsold in the United States absent registration or an exemption from registration.No public offer of the securities has been or will be made in the United Statesor elsewhere.This press release may contain certain forward-looking statements. Theseforward-looking statements involve certain risks and uncertainties that couldcause actual results to differ materially from those indicated in suchforward-looking statements. The company assumes no obligation to update anyforward-looking statement contained in this press release.News releaseProLogis European Properties receives EUR440.9 million of funding from new secured financingsLuxembourg - 22 January 2010 - ProLogis European Properties (Euronext: PEPR),one of Europe's largest owners of modern distribution facilities, announcedtoday that it has finalised three new four-year secured financings and receivedfunding totalling EUR440.9 million. The three facilities have a blended coupon of4.93%. Net proceeds will be used to refinance outstanding debt.The first and largest facility is a EUR300 million pan-European syndicated loanwith six European lenders arranged by Goldman Sachs as sole arranger. Thesyndicate includes Deutsche Pfandbriefbank AG (as Facility and Security Agent),AXA, BAWAG P.S.K., Credit Foncier de France, M&G Investments and ING Real EstateFinance. The loan has a loan-to-value of approximately 52% and is secured by aportfolio of 39 properties located in four European countries. The loan willmature in January 2014.The second facility is a EUR74.0 million loan, split into two tranches, withBerlin Hyp a new lender for PEPR. The first tranche of EUR48.3 million wasreceived on 28 December 2009 with the remaining EUR25.7 million received thisweek. The loan is secured by a portfolio of 17 German and Polish assets, has aloan-to-value of approximately 50% and will mature in January 2014.The final facility is a EUR74.5 million loan, of which EUR66.9 million has beenreceived and a further EUR7.6 million committed, with Deutsche Pfandbriefbank AG,a repeat lender for PEPR. The EUR66.9 million tranche has a loan-to-value ofapproximately 55%, is secured by a portfolio of nine French and UK assets andwill mature in December 2013.David Doyle, chief financial officer of PEPR said: "We are pleased to havecompleted these new financings, with the syndicated loan being one of thelargest Pan-European syndicated real estate loans issued since 2008. Thesetransactions demonstrate our continued access to the capital markets, havingcompleted over EUR802 million of new or extended debt facilities in the past year.Net proceeds combined with our other deleveraging initiatives finalised in 2009will enable us to reduce outstanding debt substantially. Our unrelenting focuson addressing 2010 debt maturities and the absence of debt maturing until theend of 2012 leaves PEPR well positioned for the future." -Ends-For further information, please contact:Investor relationsProLogis European PropertiesJennifer van der Eem+44 207 518 8708jvandereem(at)prologis.com
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Datum: 22.01.2010 - 03:01 Uhr
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