Fibra Macquarie draws $180 million on revolver in Covid-19 response

By Marisa Wong

Los Angeles, April 23 – Fibra Macquarie Mexico drew $180 million under its revolving credit facility on March 24 to mitigate the impact of Covid-19 on its operations, according to a news release.

The company said it borrowed from the revolver to increase its cash position and preserve its financial flexibility and expects to repay the borrowings when market conditions normalize.

As of March 31, the company had cash of about $210 million.

The company said it has no loan facility expirations until 2023 and is in compliance with its loan covenants.

In addition, the company has access to additional liquidity reserves, with a Mexican peso-denominated revolver facility sub-tranche of Ps. 1.26 billion remaining undrawn.

As at March 31, the company’s weighted average debt tenor remaining was 5˝ years, and its weighted average cost of debt was 5.2%, with variable rate debt representing 18% of total debt outstanding.

Fibra Macquarie is a real estate investment trust based in Mexico City.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.