Brief: DIC Asset Announces Early Redemption Of Existing Syndicated Loan

BRANICKS AG

22/12/2021 17:24

Dec 22 (Reuters) - DIC ASSET AG  DICn.DE :
    * DIC WITH EARLY REDEMPTION OF EXISTING SYNDICATED LOAN
    * CONCLUDED EARLY REFINANCING OF A COLLATERALISED LOAN IN
AMOUNT
OF C. EUR 550 MILLION WITH A SEVEN-YEAR MATURITY TODAY
    * FINANCING ARRANGEMENT COVERS AROUND 57% OF COMMERCIAL
PORTFOLIO
(RELATIVE TO MARKET VALUE AS OF 30 SEPTEMBER 2021) AND WAS
SIGNED BY A SYNDICATE LED BY DEUTSCHE HYPO - NORD/LB REAL ESTATE
FINANCE TOGETHER WITH DZ HYP, HELABA AND DEUTSCHE PFANDBRIEFBANK
    * PREVIOUS FINANCING HAD A MATURITY UNTIL 2023
    * CONCLUSION OF NEW FINANCING ARRANGEMENT BRINGS AVERAGE
INTEREST
RATE ACROSS ALL LIABILITIES (NOT INCLUDING WAREHOUSED ASSETS)
FROM A RECENT LEVEL OF 2.0% (AS OF 30 SEPTEMBER 2021) DOWN TO
1.8%
    * AVERAGE LEVEL OF INTEREST ON BANK DEBT OF INVESTMENT
PROPERTIES
HAS FALLEN TO 1.2%
    * NEW AVERAGE MATURITY OF FINANCIAL DEBT (NOT INCLUDING
WAREHOUSED
ASSETS) INCREASED TO 4.4 YEARS, UP FROM A PREVIOUS LEVEL OF 3.6
YEARS
    * EARLY REPAYMENT OF OLD DEBT WILL TRIGGER CERTAIN ONE-OFF
EXPENSES NOT RECOGNISED IN FFO, INCLUDING PAYMENT OF EARLY
TERMINATION PENALTIES IN AN AMOUNT OF C. EUR 15 MILLION, AMONG
OTHER EXPENSES
    * WITH REFINANCING TAKEN INTO ACCOUNT, DIC ASSET AG NOW
ANTICIPATES A CONSOLIDATED INCOME OF C. EUR 56 MILLION AFTER
TAXES FOR 2021 FINANCIAL YEAR
    * DISREGARDING ONE-OFF EFFECT WOULD RESULT IN ADJUSTED
CONSOLIDATED EARNINGS OF C. EUR 71 MILLION
    * YET AS EARLY AS 2022, ONE-OFF PAYMENT WILL BE OFFSET BY
ANNUAL
INTEREST SAVINGS IN AMOUNT OF C. EUR 5 MILLION, WHICH IN TURN
WILL POSITIVELY IMPACT FFO KEY PERFORMANCE INDICATOR IN YEARS TO
COME

Source text for Eikon:  ID:nEQ7kvdwa 
Further company coverage:  DICn.DE 

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