Hibernia REIT PLC Hibernia agrees unsecured refinancing (9028K)

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RNS Number : 9028K

Hibernia REIT PLC

19 December 2018

Hibernia agrees unsecured refinancing

Hibernia REIT plc ("Hibernia" or the "Group") announces the refinancing of its EUR400m secured revolving credit facility (the "Secured Facility") with:

   --    A EUR320m unsecured revolving credit facility (the "Unsecured Facility"); and 
   --    EUR75m of unsecured US private placement notes (the "Notes") 

The Unsecured Facility has a five year term and a margin of 2.0% over EURIBOR. The participating banks (joint arrangers) are Bank of Ireland, Wells Fargo, Barclays Bank Ireland and Allied Irish Banks. Bank of Ireland and Wells Fargo acted as joint coordinators and Bank of Ireland is acting as agent. Previously the Secured Facility, which was repayable in November 2020 and had a margin of 2.05%, was the Group's sole debt facility.

The Notes have an average maturity of 8.5 years and a weighted average coupon (fixed rate) of 2.53%. They are being placed with a single institutional investor in a transaction priced on 26 October 2018 and pursuant to a note purchase agreement signed on 18 December 2018 which will close on 23 January 2019 and comprises two tranches: EUR37.5m at 2.36% due 2026 and EUR37.5m at 2.69% due 2029.

As a result of the refinancing the weighted average maturity of the Group's debt has increased from 1.9 years to 5.7 years. The Group's current net debt position is EUR210m.

Tom Edwards-Moss, Chief Financial Officer of Hibernia, said:

"We are delighted to have agreed this refinancing which significantly extends the maturity of our debt and locks in longer term, low cost funding. In addition, our move to an unsecured debt structure, the first Irish REIT to do so, ensures we have access to the widest possible range of funding options in future."

ENDS

Contacts:

Hibernia REIT plc [phone]

Tom Edwards-Moss, Chief Financial Officer

Nick Treanor, Financial Controller

Murray Consultants

Doug Keatinge: [phone], [e-mail]

Jill Farrelly: [phone], [e-mail]

About Hibernia REIT plc

Hibernia REIT plc is an Irish Real Estate Investment Trust ("REIT"), listed on Euronext Dublin and the London Stock Exchange. Hibernia owns and develops property and specialises in Dublin city centre offices.

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December 19, 2018 02:00 ET (07:00 GMT)