DGAP-News: GAGFAH S.A.: New EUR 700 Million CMBS at Very Attractive Terms Plus Additional Refinancings
(firmenpresse) - DGAP-News: GAGFAH S.A. / Key word(s): Miscellaneous
GAGFAH S.A.: New EUR 700 Million CMBS at Very Attractive Terms Plus
Additional Refinancings
09.10.2013 / 18:05
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Press Release: October 9, 2013
GAGFAH S.A.
2-4, rue Beck
L-1222 Luxembourg
ISIN: LU0269583422
Frankfurt Stock Exchange (Ticker Symbol: GFJ)
Regulated Market (Prime Standard)
GAGFAH: New EUR 700 Million CMBS at Very Attractive Terms Plus Additional
Refinancings
- New EUR 700 million CMBS with coupon of 2.71% as compared to 5.17% on
the previous CMBS
- New loan of EUR 145 million for Acquisition 1 portfolio and extension
of EUR 200 million GBH loan
- Refinancing process now basically completed
GAGFAH has taken another major step towards improving its capital structure
by resolving the refinancing of the loan maturities for five of its
sub-portfolios with a total debt volume of more than EUR 1 billion.
Following the successful refinancing of EUR 1 billion for the WOBA
portfolio and EUR 2 billion for GRF earlier this year, the Company has
refinanced more than EUR 4 billion in only nine months.
GAGFAH has now signed the financing of the five-year EUR 700 million CMBS
for the WBN, WGN and NILEG Residential portfolios ('NILEG'). The coupon on
the new CMBS will be 2.71%, almost 250 basis points lower than the 5.17% on
the previous CMBS. The amortization will be 0.5% per annum. The LTV of the
portfolio is 65%. The paydown of the CMBS currently still in place is
expected to take place on the next IPD date on October 21.
In addition, GAGFAH has signed a new three-year loan agreement for the
Acquisition 1 portfolio of about EUR 145 million with a coupon of 2.87%.
The previous loan for this portfolio, which had a coupon of 4.44%, had been
fully repaid with the proceeds from the July equity event. The proceeds
from the new loan plus additional cash from the operating business will be
used to repay EUR 190 million of the old NILEG CMBS and bring the new loan
amount down to EUR 700 million.
GAGFAH also agreed on a two-year extension for the EUR 200 million GBH
loan. The Company plans to reduce the LTV of this portfolio and to invest
additional capex in order to further improve the operational performance
before securing a longer term financing.
These transactions complete the refinancing of almost all of GAGFAH's
near-term maturities, except for EUR 85 million due in April 2014 and EUR
360 million due in October 2014, which the company will address in due
time.
Gerald Klinck, CFO of GAGFAH GROUP, commented 'We are very excited to
secure yet another refinancing at such attractive terms. Refinancing more
than EUR 4 billion of debt in such a short time and doing so at
significantly lower interest rates is a great success.'
Thomas Zinnöcker, CEO of GAGFAH GROUP and member of the Board of Directors
of GAGFAH S.A., added 'Lowering our overall cost of debt by more than 100
basis points compared to the end of last year gives a significant boost to
our FFO profile. Combined with our planned capex investments, our
operational improvements and our portfolio strategy, we are about to turn
around the company in a very short time and lead it into an extremely
promising future.'
Contact
GAGFAH S.A.
Investor Relations
Rene Hoffmann
2-4, rue Beck
L-1222 Luxembourg
Tel.: +352 266 366 21
rhoffmann(at)gagfah.com
www.gagfah.com
R.C.S. Luxembourg B 109.526
Media
Dirk T. Schmitt
+49 175 721 4836
dschmitt(at)gagfah.de
About GAGFAH S.A.
GAGFAH S.A. is a joint stock corporation organized under the laws of the
Grand Duchy of Luxembourg qualifying as a securitization company under the
Luxembourg Securitization Law of March 22, 2004. The core business of
GAGFAH S.A.'s operating subsidiaries is the ownership and management of a
residential property portfolio located in Germany.
GAGFAH's portfolio includes about 144,000 own residential units and more
than 35,000 units under property and facility management for third parties.
Our portfolio makes us one of the largest residential property companies
listed in Germany, and we believe that our size, our significant presence
in the key residential markets and our scalable operating platform make us
one of the leading providers of housing for low- to medium-income
households in Germany. Our operating subsidiaries are full-scale service
providers for a broad range of property and facility management services
with a clear focus on residential properties. The key elements of our
strategy are (i) to create sustainable and increasing cash flows out of the
existing asset base (rent, occupancy, property costs, platform), (ii) to
invest in value-enhancing portfolio properties (iii) to pursue accretive
growth opportunities and (iv) to realize value through asset sales.
End of Corporate News
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09.10.2013 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: GAGFAH S.A.
2-4, rue Beck
1222 Luxemburg
Grand Duchy of Luxembourg
Phone: + 352 266 366 1
Fax: + 352 266 366 01
E-mail: info(at)gagfah.com
Internet: www.gagfah.com
ISIN: LU0269583422, LU0269583422
WKN: A0LBDT
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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