Business
Equity Raising
Equity Raising.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n \nRNS Number : 6251U Sirius Real Estate Limited 04 December 2013 \n \n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OR TO US PERSONS, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL.\n \n \nSirius Real Estate Limited\n \n(\"Sirius\" or the \"Company\" or the \"Group\")\n \nRefinancing and €40 million Equity Raising\n \n \n \nSirius is pleased to announce that it is raising €40 million via a placing and subscription (the \"Equity Raising\") through the issue of 166,666,667 new ordinary shares at 24 cents per share having agreed in principle the conclusion of its refinancing arrangements.\n \nUse of proceeds\n \nThe Company intends to use most of the net proceeds of the Equity Raising to reduce the Group's financial leverage and to restructure certain debt facilities as a priority. The Company has agreed in principle terms with a syndicate of two banks led by Berlin Hannoversche Hypothekenbank AG ('BerlinHyp') and another well respected German bank for a new five year banking facility of €115.0 million subject to their final Board approval and documentation and has agreed in principle terms with Macquarie Bank Limited, London Branch (\"Macquarie\") for a new facility of a minimum of €32.5 million, both of which will be utilised to assist with the refinancing of the Company's existing facilities with BerlinHyp and ABN Amro, a part of the Royal Bank of Scotland (\"RBS\").\n \nThe reduction of loan facilities will include unencumbering two assets which are planned for disposal orrefinancing next year. When completed, the net proceeds of these disposals or refinancings along with the balance of the Equity Raising and the proposed sale of one further unencumbered asset and a land package will be used to allow the Company to accelerate its capital expenditure programme to take advantage of earning enhancing opportunities within the current portfolio and to seek attractive new acquisition opportunities.\n \nSubject to completion of the Equity Raising and final documentation, it is anticipated the above facilities will be completed shortly and the Company will make an announcement to co...