ProLogis European Properties obtains an amendment to its ?900 million
senior unsecured credit facili
(Thomson Reuters ONE) - This press release is not an offer of securities for sale, or thesolicitation of an offer to buy securities, in the United States orelsewhere. The securities mentioned in this press release have notbeen and will not be registered pursuant to the US Securities Act of1933, as amended. They cannot be offered or sold in the United Statesabsent registration or an exemption from registration. No publicoffer of the securities has been or will be made in the United Statesor elsewhere.This press release contains certain forward-looking statements. Theseforward-looking statements involve certain risks and uncertaintiesthat could cause actual results to differ materially from thoseindicated in such forward-looking statements. The company assumes noobligation to update any forward-looking statement contained in thispress release.News release ProLogis European Properties obtains an amendment to its ?900 million senior unsecured credit facilityLuxembourg - 17 September 2009 - ProLogis European Properties(Euronext: PEPR), one of Europe's largest owners of moderndistribution facilities, is pleased to announce that it has obtainedan amendment to its ?900 million senior unsecured credit facility.The amendment, among other things, ensures that PEPR can continue touse the senior unsecured credit facility following the proposedconversion of its legal structure from a fonds commun de placement('FCP') into a société d'investissement à capital fixe ('SICAF').In addition, PEPR's consolidated tangible net worth covenant will bereduced to ?900 million from ?1.1 billion currently. This providesPEPR with additional flexibility to withstand further deteriorationin the value of its portfolio. The amendment also removes therestriction on PEPR to make dividend payments, provided thesepayments do not exceed 50% of distributable cash flow.The amendment of the consolidated tangible net worth covenant and theremoval of the restriction on dividend payments will become effectivefollowing PEPR's conversion of its legal structure to a SICAF and theconclusion of a minimum equity raise of ?200 million.These amendments follow a number of actions already completed thisyear by management to improve liquidity and reduce balance sheetrisk, including:* The extension of a secured loan agreement with Deutsche Pfandbriefbank AG, from original expiry of March 2010 to March 2013* A new agreement with Eurohypo AG for a £86.1 million (?101.3 million) secured loan maturing in 2013* Repayment of all amounts borrowed under the revolving portion of the ?900 million credit facility and partial repayment of commercial mortgage backed securities (CMBS) IV notes (?98.6 million)* The disposal of a portfolio of nine distribution facilities in The Netherlands and Germany for ?119.5 million* The disposal of five distribution facilities in the UK, generating £64.4 millionCommenting on the amendment, Peter Cassells, chief executive officerof PEPR, said: "This is a significant step in increasing ourfinancial flexibility and providing us with the necessary headroomwith which to operate. We thank our lenders for their support in thisregard, and in relation to our intention to convert PEPR into aSICAF."For further information, please contact:ProLogis European Properties+44 20 7518 8708Jennifer van der Eem, VP Investor Relationsjvandereem(at)prologis.comM:Communications+44 20 7920 2323 or 7920 2369Ed Orlebar/Marylène Guernierorlebar(at)mcomgroup.com/ guernier(at)mcomgroup.comMorgan Stanley+44 20 7425 3009Richard StocktonRichard.stockton(at)morganstanley.comAbout ProLogis European PropertiesProLogis European Properties, or PEPR, is one of the largestpan-European owners of high quality distribution and logisticsfacilities. PEPR was established in 1999 as a closed-end, real estateinvestment fund, externally managed by a subsidiary of ProLogis, aleading global provider of industrial distribution facilities. InSeptember 2006, PEPR was listed on Euronext Amsterdam.As at 30 June 2009, PEPR has a portfolio of 232 buildings, covering4.9 million square metres in 11 European countries, with a marketvalue of ?3.0 billion. The portfolio has an occupancy level of 96.9%and an average of 3.6 years to the next lease break or 5.8 years tolease expiry.http://hugin.info/139145/R/1341908/321056.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 17.09.2009 - 10:42 Uhr
Sprache: Deutsch
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