Societe de la Tour Eiffel completes ambitious refinancing program

Mittwoch, 14. November 2012 17:52

Societe de la Tour Eiffel completes

ambitious refinancing program

Société de la Tour Eiffel announces the early refinancing of its principal credit line. A new, 5-year, mortgage backed, loan of € 287m has been granted by a banking consortium led by pbb Deutsche Pfandbriefbank (« pbb ») including national banks, Crédit Foncier de France, Société Générale and Crédit Agricole Corporate & Investment Bank . The overall cost equates to about 3.9% p.a. taking into account the incidence of new hedging instruments.

This operation marks the satisfactory conclusion of an ambitious objective set at the year's outset of restructuring and extending of the company's financing in concert with leading financial institutions. In addition to the reimbursement of the existing pbb facility (€ 318m as at 30 June 2012), the company already completed in June and July two complimentary mortgage financings of € 117m and € 8m for respectively 7 and 10/15 years durations.

This year to date the company has reimbursed debt totaling € 490m, through previously announced asset sales and new mortgage finance resulting in a competitive overall cost of finance ongoing and an average maturity of 5.5 years.

« Société de la Tour Eiffel has successfully met its 2012 objective of financial restructuring in anticipation of contractual maturities. We have privileged traditional, mortgage backed, finance which continues to offer the most attractive terms whilst considerably broadening our banking relations. This is a significant milestone. We intend to continue deleveraging with a view to establishing an appropriate position in order to capitalize on growth opportunities which the market will encourage in due course», declares Renaud Haberkorn, Chief Executive Officer of Société de la Tour Eiffel.


                        Agenda                     è 14 February 2013 (pre market opening): 2012 turnover
                                                           è 20 March 2013 (post market close): 2012 annual results


About Société de la Tour Eiffel
A « SIIC » quoted on the Euronext Paris Exchange, the company pursues a strategy focused on the ownership and the development of quality office and business space capable of attracting a wide range of tenants in both established and emerging locations. The company's portfolio stands close to 1 billion Euros of assets spread evenly between the Paris area and the regions.           
Société de la Tour Eiffel is listed on NYSE Euronext Paris (compartment B) - ISIN code: 0000036816 - Reuters : TEIF.PA - Bloomberg EIFF.FP. Member of IEIF Foncières and IEIF Immobilier France indices

Press contact Communication
Jean-Philippe MOCCI Jérôme DESCAMPS
Capmot Deputy Managing Director (Finances)
Tel :+33 (0)1 71 16 19 13/+33 (0)6 71 91 18 83                                                   Jérôme DESCAMPS Tel : +33 (0)1 53 43 07 06

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Société de la Tour Eiffel via Thomson Reuters ONE

Related Links: 
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.