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Refinancing of existing unsecured bank facility
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Improves cost of borrowing, extends term loan and committed revolver line until 2027
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Sustainability-linked with inclusion of ESG KPIs
FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) announced the signing of a US$425.0 million equivalent sustainability-linked unsecured credit facility which is expected to close on Tuesday, April 5, 2022. FIBRA Macquarie will use the new sustainability-linked facility to repay the amounts drawn under the unsecured credit facility that was due to expire on April 1, 2024.
The new facility will deliver improved economics including reduced margins and does not include any extension fees or scheduled margin increases throughout the term of the facility. As a result, the transaction enhances FIBRA Macquarie’s debt profile by improving overall debt metrics and extending the weighted average maturity of its debt.
Simon Hanna, FIBRA Macquarie’s chief financial officer stated, “This refinancing transaction has been timed to take advantage of a strong debt market backdrop, with important improvements being made to the financing economics and our overall balance sheet position, including an extension of our committed revolver line through to 2027. We are excited to welcome a broadened syndicate of lenders, with the facility now being supported by twelve international and local financial institutions. The inclusion of a green building KPI recognizes the importance of incorporating our ESG strategy into all elements of our business, including debt financing.”
US$425 million five-year sustainability-linked unsecured credit facility
The unsecured credit facility comprises (i) a US$180.0 million non-amortizing, five-year term loan and (ii) a US$245.0 million equivalent, five-year committed revolving credit facility that is available for general corporate purposes, including asset investments. The committed revolving credit facility is comprised of a US$180.0 million US Dollar-denomated tranche and a Ps. 1,300 million (equivalent to …
Full story available on Benzinga.com
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