Wereldhave Secures USD 50 Million US Private Placement Notes in Debt Funding Deal

Wereldhave Secures USD 50 Million US Private Placement Notes in Debt Funding Deal

(IN BRIEF) Wereldhave, a real estate investment company, has signed an agreement with US institutional investors to issue US Private Placement notes (USPP) worth USD 50 million with a seven-year tenor. This transaction follows a similar one in July 2023 for the same amount and a five-year tenor. These moves illustrate Wereldhave’s active engagement in the USPP market since 2011, with the latest transactions extending the company’s debt maturity profile significantly. Additionally, Wereldhave has refinanced €65 million in credit facilities maturing in 2024 and secured a new €20 million credit facility, enhancing its financial flexibility for future endeavors.

(PRESS RELEASE) AMSTERDAM, 1-Dec-2023 — /EuropaWire/ — Wereldhave signed the agreement which was announced in our press release of 1 November 2023, with US institutional investors to issue US Private Placement notes (USPP) for an amount of USD 50 million with a tenor of seven years. Rabobank acted as sole agent in this transaction.

This transaction was preceded by a similar transaction, signed on 26 July 2023, also for an amount of USD 50 million and with a tenor of five years. ABN AMRO Bank acted as sole agent in this transaction.

The proceeds of the USPP transactions are fully swapped into euros with a fixed interest rate.

Wereldhave has been very active on the USPP market since 2011 and these transactions are the first USPP transactions since 2017, illustrating that USPP remains a resilient source of funding for Wereldhave.

In addition, Wereldhave agreed with two Belgian banks to refinance € 65 million of credit facilities maturing in 2024 and a new credit facility of € 20 million, respectively. The weighted average term of these transactions is 4.5 years.

With the transactions, Wereldhave extends its debt maturity profile significantly. On a pro forma basis, the weighted average duration of the debt portfolio will increase from 3.2 years to almost four years.

All funding transactions mentioned are on an unsecured basis, maintaining Wereldhave’s property portfolio entirely unencumbered.

Dennis de Vreede, CFO of Wereldhave, commented: “At the end of this year we will be more than half-way through our asset transformation program, and we are entering the next phase of our LifeCentral Strategy. Our continuing efficient access to debt capital market, as demonstrated by the 2023 funding successes, is key for that next phase.”

About Wereldhave
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Wereldhave Full Service Centers contribute to a better everyday life for visitors and better business for tenants. A one-stop location for groceries, shopping, leisure, relaxation, sports, health, work and other daily needs – all supported by smart concepts and digital services. By investing sustainably to meet the needs of customers and local areas, we enrich communities, while caring for the environment, and have a positive effect on the way people live, work and shop. Wereldhave Full Service Centers play a vital role in people’s everyday
lives in leading regional cities in the Netherlands, Belgium and France.
For more information, visit www.wereldhave.com

Media Contact:

Jeroen Piket
DIRECTOR TREASURY & INVESTOR RELATIONS
investor.relations@wereldhave.com
+31 6 202 201 20

Rik Janssen
HEAD OF MARKETING
Rik.Janssen@Wereldhave.com
+31 6 53 999 192

SOURCE: Wereldhave