Vastned extends credit facilities
200 million euro in credit facilities extended to September 2025 at unchanged conditions
Hoofddorp, 20 September 2022 – Vastned successfully completed an extension of credit facilities, thereby increasing the duration of 200 million euro in existing facilities by one year to September 2025. The conditions of these facilities remain unchanged during the agreed extension period, allowing Vastned to continue to benefit from a cost of debt which was locked in at attractive rates.
Interest coverage ratio per 30 June 2022 stands at 4.9, versus a minimum of 2.0 as agreed with lenders. Solvency ratio per 30 June 2022 stands at 55.6%, versus a minimum 45% as agreed with lenders. In terms of upcoming debt facility maturities, 55 million euro is due in 2023. Expirations in 2024 amount to 340 million euro, which are reduced by almost 40% resulting from this extension (was 540 million euro).
Kempen & Co acted as sole financial adviser for this transaction.
Vastned is a European publicly listed property company (Euronext Amsterdam: VASTN) focusing on the best property in the popular shopping areas of selected European cities with a historic city centre where shopping, living, working and leisure meet. Vastned’s property clusters have a strong tenant mix of international and national retailers, food & beverage entrepreneurs, residential tenants, and office tenants. The property portfolio had a size of approximately € 1.5 billion euro as at 30 June 2022.