Gecina has raised 鈧�300 mln through a bond issue with a maturity of 10 years and a coupon of 2.875%, the lowest ever registered for a bond issue carried out by the French office REIT.
Gecina has raised 鈧�300 mln through a bond issue with a maturity of 10 years and a coupon of 2.875%, the lowest ever registered for a bond issue carried out by the French office REIT.
The bonds were issued with a 140 basis points spread over the mid-swap rate.
The placement was carried out with a broad base of pan-European investors and five times versubscribed.
'The cost of this issue reflects the contraction in market rates, and above all the improvement in Gecina鈥檚 financial profile, with Standard & Poor鈥檚 and Moody鈥檚 upgrading their respective ratings,' the company said in a statement.
This operation will stabilise Gecina鈥檚 average cost of debt at a maximum of 4.0% in 2013, while contributing towards extending the maturity of the group鈥檚 financing and diversifying further its funding sources.
Cr茅dit Agricole CIB, HSBC, Natixis and Soci茅t茅 G茅n茅rale CIB were joint book runners for this operation.
