Financing agreement with CPPIB and Cairn Capital

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nRNS Number : 6375Z Globalworth Real Estate Inv Ltd 31 May 2016  \n\nGlobalworth Real Estate Investments Limited\nGlobalworth enters into a Euro 180m financing agreement with Canada Pension Plan Investment Board and Cairn Capital\nGuernsey, 31 May 2016:  Globalworth Real Estate Investments Ltd. (AIM: GWI) (\"Globalworth\" or the \"Company\"), the real estate investment company targeting opportunities in Romania, is pleased to announce that it has signed a three-year Euro 180 million secured bond transaction fully subscribed by Canada Pension Plan Investment Board (\"CPPIB\"), through its wholly owned subsidiary, CPPIB Credit Investments Inc. (CPPIB Credit), and funds managed by Cairn Capital (\"Cairn\") (the \"Bond\").  Cairn Capital has acted as arranger for the bond issue.\nThe proceeds of the Bond transaction will go towards refinancing the Euro 100m corporate level facility granted by funds managed by York Capital and Oak Hill Advisors in 2015 as well as three facilities at the level of three of the Company's Romanian property owning subsidiaries. \nThe bond is listed on the Channel Islands Stock Exchange and is secured by four of the Company's real estate assets.  As a result of this transaction the weighted average all-in cost of debt financing of the Company is reduced from 6.2% to 5.3% on a run rate basis.\nCompletion of the Bond is subject to satisfaction of certain conditions precedent which are customary for a facility of this nature and which are expected to be satisfied shortly. A further announcement will be made on completion.\nIoannis Papalekas, Founder and Chief Executive Officer of Globalworth said: \"Securing the support of international real estate investors of the calibre of CPPIB is a huge endorsement of Globalworth and our position in the Romanian market.  We have built a portfolio of properties that we are proud of and will continue to be an active investor where we see value, thus cementing our position as one of the leading real estate investors in the region. With a local presence and established expertise, Globalworth is very well positioned to take advantage of attractive investment opportunities as they arise.\"\nCPPIB is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on be...

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