Citycon completed refinancing of Sektor Gruppen by signing a NOK 1.3 billion credit facility
Citycon Norway AS has completed the refinancing of Sektor Gruppen’s existing debt by signing a local secured bank loan of NOK 1.3 billion (approx. EUR 140 million) with Skandinaviska Enskilda Banken AB (publ) and Danske Bank A/S. The new credit facility is used to refinance existing Norwegian bank debt of NOK 1.3 billion. The transaction will reduce Citycon’s cost of debt and increase the average loan maturity.
The loan tenor is 5.5 years and the loan terms include a one-year extension option that can extend the maturity subject to bank approval. Citycon has fixed the interest cost of the NOK 1.0 billion term loan for 5.5 years, corresponding to a total fixed cost of debt of approximately 2.5% p.a. The NOK 300 million revolving credit line is floating rate.
Helsinki, 22 December 2015
For further information, please contact:
Eero Sihvonen, Executive Vice President and CFO
Tel. +358 20 766 4459 or +358 50 557 9137
Citycon Oyj (Nasdaq Helsinki: CTY1S) is a leading owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic regions, managing assets that total close to EUR 5 billion and with market capitalisation of approximately EUR 2 billion. For more information about Citycon, please visit www.citycon.com