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Klepierre repays all €840 million of Corio’s U.S. placement notes
By Wendy Van Sickle
Columbus, Ohio, Dec. 10 – Klepierre SA has early repaid all €840 million of U.S. private placement notes issued by Corio NV and terminated their attached cross currency swaps, according to a press release.
The financing, issued in 2007, included $830 million, €100 million and £50 million of notes, posting a 2.7-year weighted average maturity at prepayment date.
The total repayment amounted to €897 million.
After repayment, Klepierre said its consolidated loan-to-value ratio remains below its 40% target and the group’s liquidity position stands above €2.5 billion.
Klepierre completed its merger with Corio on March 31, 2015.
More than half of Corio’s outstanding debt has been refinanced, with an expected positive impact in 2016 of around 15 basis points on Klepierre’s average cost of debt, according to the release.
Klepierre is a Paris-based real estate investment trust focused on shopping centers. Corio is a retail property management company.
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