NPRO: ISSUES NEW BOND
Norwegian Property ASA has issued a new 4 year bond totalling NOK 1 335 million.
The loan is issued with an coupon of 3 month NIBOR + 1.50 % p.a. The loan is secured by pledge in the property Verkstedhallene based on an LTV of about 65 per cent.
The bond has been issued with payment 5 July 2016. The purpose of the bond is refinancing of existing bank loan and general corporate purposes.
Norwegian Property will apply for the new bond to be listing on Oslo Børs.
In connection with the issue of the new bond, Norwegian Property has bought NOK 388 million of NPRO 01. The bond is secured by pledge in the properties Verkstedveien 3 and Drammensveien 134. The repurchase is part of the preparations for the settlement of the sale of the properties to Entra Eiendom AS. A short term credit facility will be established to finance the repurchase of the bonds. Maturity of the new credit facility will be on the settlement date for the property divestment.
Danske Bank and DNB Markets are arrangers of the bond.
For further information, please contact:
Norwegian Property ASA
Svein Hov Skjelle, CEO
Telephone: +47 930 55 566
Norwegian Property is a focused and fully integrated office property company with 37 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 16.4 billion, is characterized by central location and attractive premises high quality tenants. The group’s properties consist largely of office premises, associated warehousing and car parking, as well as retail and catering space. The company has identified four value drivers for long-term value creation; Marketing & letting, Property management, Property development and Transactions & finance.
Norwegian Property is listed on Oslo Stock Exchange with the ticker NPRO.