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Klépierre: KLÉPIERRE PLACES A €600-MILLION 2031 BOND  AT A 0.875% COUPON

Written by Customer Service on . Posted in Public Companies.

PRESS RELEASEKLÉPIERRE PLACES
A €600-MILLION 2031 BOND 
AT A 0.875% COUPONParis, November 9, 2020Klépierre, the European leader in shopping malls, today announces the successful placement of a €600-million bond maturing in February 2031 and paying a coupon of 0.875%. The bond was priced at 110 basis points above the swap rate, corresponding to a negative 5-basis-point new issue premium. The bulk of the proceeds will be used to reimburse debt expiring in the first quarter of 2021.Subscribed more than three-times over, the notes were placed with high-quality, long-term global investors, notably from France, Germany, Japan and the United Kingdom.This bond issue supports Klépierre’s financing strategy aimed at securing a strong liquidity position, while extending the average maturity of its debt. The Group’s liquidity position now stands at €3.5 billion (revolving credit facility for €2.3 billion, cash for €0.8 billion and bank overdrafts for €0.4 billion), fully covering refinancing needs until early 2023.All other factors being equal, this bond issue is expected to lead to a further reduction in the Group’s average cost of debt (1.2% at June 30, 2020) while extending its average maturity.Barclays, Crédit Agricole CIB, Deutsche Bank, HSBC, Natixis, Santander and Société Générale acted as joint bookrunners for this issuance.

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