PARIS--(Marketwire - Jun 26, 2012) -
SOCIETE DE LA TOUR EIFFEL
Major refinancing of a EUR 120M credit line
Société de la Tour Eiffel (STE) has concluded with a German bank
of the EUR 116.9M credit line which was put into place by RBS at the outset
as a SIIC in 2004. This new, mortgage-backed finance comprises eight
amortizable loans to SPVs for a 7-year term at a competitive rate. The
cost of funds is less than the previous loan, whereas the LTV of 52%
the deleveraging achievements of the group.
The subject portfolio comprises eight properties, five being in the
region, with three others located in Caen, Sochaux and Grenoble. All are
or renovated, offering a total floor area of 116,000 m². They are
in the main to large quoted (CAC 40) companies and an administration.
« As intimated at the outset of the year, we have completed
refinancing one of
our principal credit lines a year prior to its maturity on a satisfactory
underlining the credibility of our business model and the quality
portfolio. We anticipate that this refinancing will prove a positive
to the successful outcome of current negotiations in relation to the
major loan maturity due in 2013. We have various active discussions in
aimed at the deleveraging of the balance sheet », states Company
Inch, who duly praised the contribution of the company's asset management
led by Jérôme Descamps and Frédéric Maman.
Final 2011 dividend by scrip issue
The company also announces that it recently increased its capital by EUR
6M as a
result of the scrip issue corresponding to 50% of shareholders taking
final 2011 dividend in shares. The corresponding creation of new
183,416, increasing the total number to 5,919,688.
Agenda è 26 July: Half-year 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
space capable of attracting a wide range of tenants in both
emerging locations. The company's portfolio stands close to 1 billion
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
Major refinancing of a EUR 120M credit line:
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Source: Société de la Tour Eiffel via Thomson Reuters ONE