Business
New Loan Facility & Refinancing of Existing Debt
New Loan Facility & Refinancing of Existing Debt.
About this update from Phoenix Spree Deutschland Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 4466Z\n Phoenix Spree Deutschland Limited\n 25 January 2022\n \n \n \n \n \n 25 January 2022\n \n \n \n \n \n Phoenix Spree Deutschland Limited\n \n \n \n (The \"Company\" or \"PSDL\") \n \n \n \n \n \n Completion of new €60 million loan facility and refinancing of existing debt. \n \n \n \n \n \n \n \n \n \n \n \n Increased flexibility to maintain investment into existing Portfolio of assets and pursue potential future acquisitions\n \n \n \n \n \n \n \n As part of its ongoing financing activities, Phoenix Spree Deutschland Limited (LSE: PSDL.LN), the UK listed investment company specialising in Berlin residential real estate, announces the completion of a new €60 million loan facility (the \"New Facility\") and the refinancing of existing debt on improved terms (the \"Refinancing\") \n \n \n \n \n \n \n New Facility agreed with Natixis\n \n \n \n \n The New Facility agreed with Natixis Pfandbriefbank AG (\"Natixis\") on 29 December 2021, comprises two components: a €45 million Acquisition Facility (the \"Acquisition Facility\") and a €15 million Capex Facility (the \"Capex Facility\"). \n \n \n \n \n The New Facility matures in September 2026 and carries an interest rate of 1.15% over 3-month Euribor. It can be used to finance up to 100% of the total cost of both acquisitions and capex. When drawn, it is non-amortising and terms to protect against future adverse interest rate movements have been agreed.\n \n \n \n \n The Acquisition Facility provides the Company with additional flexibility to pursue potential future acquisitions if suitable opportunities, which offer clear value for shareholders, arise. \n \n \n \n \n \n The Capex Facility will allow the Company to continue to undertake its extensive capex programme. The Company remains committed to improving living standards for its tenants and fulfilling its environmental obligations and, following the removal of the Berlin rent controls (\"the Mietendeckel\"), has been able to resume its comprehensive programme of vacant apartment renovations and modernisations. \n \n \n \n \n \n \n Refinancing agreed with Berliner Sparkasse\n \n \n \n \n Additionally, the Company is pleased to announce the refinancing of existing debt provided by Berliner Spa...