DGAP-News: Deutsche Annington Immobilien SE completes entire refinancing with successful bond issues in Europe and US
ID: 302239
(firmenpresse) - DGAP-News: Deutsche Annington Immobilien SE / Key word(s): Issue of
Debt/Capital Reorganisation
Deutsche Annington Immobilien SE completes entire refinancing with
successful bond issues in Europe and US
02.10.2013 / 16:00
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PRESS RELEASE
Deutsche Annington completes entire refinancing with successful bond issues
in Europe and US
- Deutsche Annington fully repays EUR 2.3 billion term loan with proceeds
from bond issues in Europe and in the US
- Deutsche Annington successfully completes USD 1.0 billion debut
transaction in US bond market; the largest US bond issued by a European
property company
- EUR 4.0 billion European Medium Term Note (EMTN) programme
incorporated; first issuance of EUR 500 million priced
Bochum, 2 October 2013 - Deutsche Annington Immobilien SE ('Deutsche
Annington') fully reduced its unsecured EUR 2.3 billion term loan which has
been drawn in July 2013 to repay the company's liabilities towards German
Residential Asset Note Distributor P.L.C. ('GRAND'). The repayment
succeeded via the successful issuances of an US bond as well as of a bond
under the new EMTN programme. With this, Deutsche Annington finally
concludes its refinancing of GRAND.
The proceeds from the two new issuances, the debut dual US bond issuance of
EUR 740 million and the EUR 500 million EMTN bond issuance are used to
fully repay the term loan after only two and a half months; a partial
repayment of the term loan had already been implemented via the proceeds
from the Eurobond issuance of EUR 1.3 billion in July 2013. The remaining
proceeds will be used to repay other secured debt and increase the ratio of
unencumbered assets further.
With a total nominal volume of USD 1.0 billion (EUR 740 million
respectively), Deutsche Annington for the first time has accessed the US
bond market. The debut transaction is the second largest debut corporate
real estate bond in the US and the largest US bond issued by a European
property company. The US bond is a dual-tranche with terms of 4 and 10
years. The bond is fully hedged against any currency risks. The terms of
the bonds are set forth in the table below:
Nominal CouponIn addition to the US bond, Deutsche Annington has launched an European
Term Amount (in Issue amount
(in (in USD percent- EUR-equivalent re-offer (as percentage of
years) million) age) yield after hedging the nominal amount)
4 750 3.20% 2.97% 100
10 250 5.00% 4.68% 98.993
Medium Term Note (EMTN) programme with a volume of EUR 4.0 billion. Under
this programme the first issuance with a volume of EUR 500 million was
priced as of the 1st October 2013. The EMTN program allows Deutsche
Annington going forward to flexibly issue bonds in various currencies and
with varying maturities on the Euro bond market. The issuance under the
EMTN programme has the following key terms:
Nominal AmountAll bonds have the same covenant structure which meet European as well as
Term Coupon Issue amount
(in (in EUR (in (as percentage of the nominal
years) million) percentage) amount)
8 500 3,625% 99.843
US standards and thus enable Deutsche Annington to tap into the European
and the US bond markets. All have been rated 'BBB' by Standard&Poor's.
The bonds, issued by Deutsche Annington Finance B.V., are guaranteed by
Deutsche Annington Immobilien SE, which is also rated 'BBB' with a stable
outlook by Standard&Poors.
The issuances conclude all major refinancing needs until April 2015 and
will lead to average interest costs of Deutsche Annington's debt of 3.3% in
2014.
'The ability to raise unsecured debt both in the European as well as the
US capital markets demonstrates the company's agility in these markets',
said Dr. A. Stefan Kirsten, CFO of Deutsche Annington. 'I am excited that
after almost three years we have now successfully concluded the refinancing
of GRAND, Europe's largest securitization project to date. With the latest
transactions, Deutsche Annington has successfully completed its
comprehensive refinancing via five benchmark issuances in Europe and the US
with an overall volume of approx. EUR 2.5 billion - and this only within a
period of less than three months - underpinning once more the financial
strength and attractiveness of our business. The various successfully
closed financings this year are testimony for the deep trust with all our
financial partners.'
'Furthermore this is a proof point for the consequent implementation of our
corporate strategy', said Rolf Buch, CEO of Deutsche Annington. 'We now
possess the financial flexibility to develop Deutsche Annington in the
interest of our customers, shareholders and employees and to enhance the
company's potential.'
Additional information:
Stock exchange: Regulated Market (Prime Standard), Frankfurt Stock Exchange
ISIN: DE000A1ML7J1
WKN: A1ML7J
Common Code: 094567408
Registered office of Deutsche Annington: Vogelsanger Weg 80, 40472
Dusseldorf, Germany
Business address of Deutsche Annington: Philippstrasse 3, 44803 Bochum,
Germany
IR contact:
Florian Goldgruber
+49 234 314 1761
investorrelations(at)deutsche-annington.com
Press contact:
Jana Gantenberg
+49 234 314 1926
Jana.Gantenberg(at)deutsche-annington.com
This publication may not be published, distributed or transmitted, directly
or indirectly, in the United States (including its territories and
possessions), Canada, Japan or Australia or any other jurisdiction where
such an announcement would be unlawful. The distribution of this
announcement may be restricted by law in certain jurisdictions and persons
into whose possession this document or other information referred to herein
should inform themselves about and observe any such restriction. Any
failure to comply with these restrictions may constitute a violation of the
securities laws of any such jurisdiction.
This publication does not constitute an offer of securities for sale or a
solicitation of an offer to purchase securities of Deutsche Annington
Immobilien SE or of any of its subsidiaries in the United States, Germany
or any other jurisdiction. Neither this announcement nor anything contained
herein shall form the basis of, or be relied upon in connection with, any
offer or commitment whatsoever in any jurisdiction. The securities referred
to herin may not be offered or sold in the United States absent
registration or an exemption from registration under the U.S. Securities
Act of 1933, as amended (the 'Securities Act'). The securities of Deutsche
Annington Immobilien SE have not been, and will not be, registered under
the Securities Act.
In the United Kingdom, this document is only being distributed to and is
only directed at persons who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (as amended) (the 'Order') or (ii) are
persons falling within Article49(2)(a) to (d) of the Order (high net worth
companies, unincorporated associations, etc.) (all such persons together
being referred to as 'Relevant Persons'). This document is directed only at
Relevant Persons and must not be acted on or relied on by persons who are
not Relevant Persons. Any investment or investment activity to which this
document relates is available only to Relevant Persons and will be engaged
in only with Relevant Persons.
In member states of the European Economic Area ('EEA') which have
implemented the Prospectus Directive (each, a 'Relevant Member State'),
this announcement and any offer if made subsequently is directed
exclusively at persons who are 'qualified investors' within the meaning of
the Prospectus Directive ('Qualified Investors'). For these purposes, the
expression 'Prospectus Directive' means Directive 2003/71/EC (and
amendments thereto, including the 2010 PD Amending Directive, to the extent
implemented in a Relevant Member State), and includes any relevant
implementing measure in the Relevant Member State and the expression '2010
PD Amending Directive' means Directive 2010/73/EU.
No action has been taken that would permit an offering of the securities or
possession or distribution of this announcement in any jurisdiction where
action for that purpose is required. Persons into whose possession this
announcement comes are required to inform themselves about and to observe
any such restrictions.
This information contains forward-looking statements that are based upon
current views and assumptions of the Deutsche Annington Immobilien SE
management, which were made to its best knowledge. Forward-looking
statements are subject to known and unknown risks, uncertainties and other
factors which could cause the earnings position, profitability, performance
or the results of Deutsche Annington Immobilien SE or the success of the
housing industry to differ materially from the earnings position,
profitability, performance or the results expressly or implicitly assumed
or described in these forward-looking statements. In consideration of these
risks, uncertainties and other factors, persons receiving these documents
are advised not to unreasonably rely on these forward-looking statements.
Deutsche Annington Immobilien SE does not assume any obligation to update
such forward-looking statements and to adjust them to any future results
and developments.
End of Corporate News
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02.10.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
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: Deutsche Annington Immobilien SE
Vogelsanger Weg 80
40472 Düsseldorf
Germany
Phone: +49 234 314 1761
Fax: +49 234 314 888 1761
E-mail: investorrelations(at)deutsche-annington.com
Internet: www.deutsche-annington.com
ISIN: DE000A1ML7J1
WKN: A1ML7J
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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233184 02.10.2013
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Datum: 02.10.2013 - 16:00 Uhr
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News-ID 302239
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