Merlin Properties issues €300m bonds
Merlin Properties has completed a €300m unsecured bond issue, with a 12 year maturity, a 2.375% coupon. The issue is priced at 98.718% of the face value and represents an all in cost of 2.482%. Subscription and payment for the bonds is expected for 18th September 2017.
The all in cost of 2.482% represents a 1.482% premium vs. the euro mid swap rate (1.0% to 12 years). With this financing, the average maturity of its debt is virtually unchanged at 6.0 years as is the average cost of debt at 2.27%. The weight of fixed rate debt to increases to 93% from 89%.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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