German office REIT Alstria has signed an agreement to refinance a 鈧�544 mln syndicated loan.
German office REIT Alstria has signed an agreement to refinance a 鈧�544 mln syndicated loan.
The new loan was arranged by UniCredit Bank and underwritten by UniCredit Bank together with Berlin-Hannoversche Hypothekenbank, HSH Nordbank and Helaba Landesbank Hessen-Th眉ringen.
It replaces the previous facility, which was due to mature as of July 20, 2015.
Alstria said the early refinancing allowed it to benefit from the attractive financing environment and significantly improve its overall debt maturity profile. Including the convertible bond issued in June 2013 Alstria鈥檚 average debt maturity more than doubles from 2.5 years to 5.6 years.
With the new syndicated loan in place Alstria has no major refinancing needs until mid-2018. The company's average cost of debt drops to 3.4% from mid-2015.
