Wereldhave refinanced its 2014 €300 million ($320 million) syndicated revolving credit facility with a new €300 million ($320 million) syndicated revolving credit facility, pushing the maturity out to February 2022.
The original consortium of financial institutions, consisting of ABN AMRO Bank, Barclays, BNP Paribas, ING Bank and RBS was joined by Rabobank.
ABN AMRO Bank acted as documentation agent in this transaction, and ING Bank remained facility agent, as per the 2014 facility. Axeco and Freshfields Bruckhaus Deringer advised Wereldhave on the transaction.
The 2014 facility was due to expire in March 2019. The new facility takes advantage of favorable market conditions, features two one-year extension options and includes a €100 million ($107 million) accordion feature.
As a result, Wereldhave extended its maturity profile, decreased its average cost of debt and reduced the cost of undrawn committed facilities.