DGAP-News: ORCO Germany S.A.: Berlin GSG loan agreement signed
(firmenpresse) - DGAP-News: ORCO Germany S.A. / Key word(s): Contract
ORCO Germany S.A.: Berlin GSG loan agreement signed
14.12.2012 / 09:53
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Berlin GSG loan agreement signed
Berlin, 14 December 2012. Yesterday, Gewerbesiedlungs-Gesellschaft mbH
(GSG) signed the final loan agreement granting EUR 269.6 million from a
club of five German banks. The new loan agreement serves to refinance the
outstanding loan, which GSG has with The Royal Bank of Scotland plc. (RBS),
amounting to EUR 281.9 million. ORCO Germany S.A., the parent company of
GSG, will cover the remaining EUR 12.3 million. With this important step
GSG remains within the timeline disclosed in summer. The transaction is
expected to be closed by the end of 2012. The new loan has a term of five
years and a lower interest service than the initial RBS loan. It also
includes a minimum capex spending commitment as well as quarterly
amortization, which will reduce the company's LTV based on the current
company valuation to approximately 55 per cent in 2017.
'By signing this new loan, we have secured the refinancing of GSG. Now, we
are able to focus completely on extracting the operational and development
potential of our property portfolio in Berlin', says Oliver Schlink,
Managing Director of GSG.
About ORCO Germany
ORCO Germany S.A. is a property company that is listed in the Prime
Standard on the Regulated Market at Frankfurt Stock Exchange and has its
registered office in Luxembourg. The ORCO Germany Group, which acts
consistently under its registered name of ORCO Germany, has been operating
in Germany since 2004 and concentrates on commercial property and project
development.
ORCO Germany is a subsidiary of ORCO Property Group, which is one of the
leading Central European property companies. The ORCO Property Group,
established in 1991, is based in Luxembourg and has listings on NYSE
Euronext Paris, Prague and Warsaw stock exchanges.
For further information please contact:
Press Contact:
Kirchhoff Consult AG
Sebastian Bucher
Herrengraben 1
20459 Hamburg
T +49 40 60 91 86 18
F +49 40 60 91 86 60
E sebastian.bucher(at)kirchhoff.de
End of Corporate News
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14.12.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Language: English
Company: ORCO Germany S.A.
42, rue de la Vallée
L-2661 Luxembourg
Grand Duchy of Luxembourg
Phone: +49 (0)30 390 93 116
Fax: +49 (0)30 390 93 199
E-mail: patricia.jaenisch(at)orco-gsg.de
Internet: www.orcogermany.de
ISIN: LU0251710041
WKN: A0JL4D
Listed: Regulierter Marktin Frankfurt (Prime Standard);
Freiverkehr in Düsseldorf, Stuttgart
End of News DGAP News-Service
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