Citycon Oyj
Citycon signed a EUR 500 million committed syndicated revolving credit facility, completes debt refinancing
Citycon Oyj 18.12.2014 16:30 Dissemination of a Adhoc News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- CITYCON OYJ Stock Exchange Release 18 December 2014 at 17.30 hrs Citycon Treasury B.V. has today signed a EUR 500 million unsecured committed multicurrency revolving credit facility agreement with a Nordic bank group. The loan period is five years and the loan terms include two one-year extension options that can extend the maturity to seven years subject to bank approval. The credit facility is guaranteed by Citycon Oyj. 'This successfully arranged syndicated credit line facility completes Citycon's refinancing. Following the issuance of the EUR 350 million 10 year eurobond in September and the EUR 500 million eurobond issued in June last year, essentially all our bank loans are now refinanced. As a result, Citycon's average debt maturity is extended to over 6 years, average cost of debt reduced to approximately 3.4% p.a. and unutilized lines of credit increased to approximately EUR 400 million. The transaction also demonstrates Citycon's access to debt financing at competitive terms and the strength of our core bank relationships', comments Executive Vice President and CFO Eero Sihvonen. The margin is subject to a pricing grid based on Citycon's interest coverage ratio covenant and depends additionally on the utilization of the facility. The credit margin for drawn loans is initially approximately 1% p.a., including the utilization fee. The new credit facility will be used to refinance approximately EUR 100 million of term loans and additionally to replace a total of EUR 380 million currently unutilized existing revolving credit facilities with an average remaining maturity of 2.3 years. There are no substantial one-off costs relating to the repayments. The mandated lead arrangers of the facility are Skandinaviska Enskilda Banken AB (publ) (also acting as Agent), Pohjola Bank plc, Danske Bank A/S, Nordea Bank Finland Plc and Swedbank AB (publ). Helsinki, 18 December 2014 CITYCON OYJ For further information, please contact: Eero Sihvonen, Executive Vice President and CFO Tel. +358 20 766 4459 or +358 50 557 9137 eero.sihvonen@citycon.com Citycon Oyj (NASDAQ OMX: CTY1S) is a leading owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic regions, managing assets that total approximately EUR 3.3 billion and with a market capitalisation of approximately EUR 1.6 billion. For more information about Citycon, please visit www.citycon.com News Source: NASDAQ OMX 18.12.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Citycon Oyj Finland Phone: Fax: E-mail: Internet: ISIN: FI0002001728 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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