Sponda Plc Stock Exchange Release 3 November 2011 at 8:45 am
Sponda signs syndicated credit agreement totalling EUR 375 million
Sponda Plc has signed a syndicated credit agreement for EUR 375 million in total. Agreement includes a syndicated credit for EUR 275 million and a EUR 100 million credit limit facility.
The syndicated loan is for 5 years and its margin at the time of signing was 1.70 percentage points. The loan is being used in its entirety for refinancing existing loans that mature in 2012. The terms for the loans are similar to those for Sponda’s other loans and the main covenants are linked to the equity ratio and the interest cover ratio.
The lead banks for the syndicated loan are Nordea Bank Finland Plc, Pohjola Bank plc, Skandinaviska Enskilda Banken AB (PUBL), Danske Bank plc and Swedbank.
“In the uncertain European market situation we see the now signed agreement as a very good sign for Sponda’s reputation as a trustworthy debtor. It also shows the ability of the Nordic banks to provide financing in difficult markets”, say Sponda’s President and CEO Kari Inkinen.
Sponda Plc
Kari Inkinen
President and CEO
Further information: CFO Erik Hjelt, tel. +358 400-472 313
Pia Arrhenius, SVP, Communications and IR, tel. +358-40-527 4462
Sponda Plc is a real estate company specializing in commercial properties in the largest cities in Finland and in Russia. Sponda's business concept is to own, lease and develop office, retail and logistics properties into environments that promote the business success of its clients. The fair value of Sponda's investment properties is approximately EUR 2.8 billion euros and the leasable area is around 1.5 million m².