Branco P schreef op 9 november 2023 21:53:
Lamsrust, had je deze gezien? De coupon is 7% maar zorgt toch voor average yield 8,5%. Begrijp jij hoe dat kan? Hoe moet je dat duidenwww.gruppoigd.it/wp-content/uploads/2...
Deze toelichting heb ik van ECP forum gekopieerd:
In May IGD obtained a €250 million Green secured facility (duration 5 years), the second tranche (€120 million) of
which will be drawn on 9 November 2023 and utilized to cover the €100 million private placement maturing in January 2024.
Furthermore, consistent with its financial strategy to refinance well in advance, on 5 October 2023 IGD launched a transaction
aimed at the complete refinancing of the €400 million bond due November 2024. This transaction comprises an
exchange offer (and repurchase2) of the existing notes and a consent solicitation the purpose of which is to align
the maturity and the economic terms and conditions of the existing bond with those of the new bond3.The new senior unsubordinated and non-convertible bond will have an average coupon of 7% with a step-up structure and would guarantee an average yield of 8.5% (based on an above par repayment mechanism).
Moreover, the terms and conditions of the NewNotes will provide for certain undertakings by the Company, additional to and different from those that will be provided for
the Existing Notes, including, inter alia, the blocking of the dividend distribution (or the making of other forms of distributions)
in excess of what is necessary in order to comply with the rules applicable to the Company as a listed real estate investment
The exchange offer, tender offer and consent solicitation period started on 5 October 2023 and will end on 10 November 2023
at 5:00 p.m.; the Meeting of the Securityholders, at the end of which the final results of the transaction will be disclosed to
the market, has been convened on 14 November.
If the transaction is successful, IGD will have covered financial maturities for all of 2024, with the next significant maturities
in 2027; this would provide the Company with 3 years to work on the optimization of the structure and average cost of debt.