Hibernia Reit to issue €125m of new unsecured notes

Commercial property company Hibernia Reit will issue €125 million of new unsecured US private placement notes.

The issue comprises equal amounts of 10- and 12-year notes with an average fixed coupon of 1.9 per cent.

The notes have been placed with five institutional investors, all new lenders to Hibernia. The transaction was priced on April 14th and funds will be drawn on July 23rd.

The group’s weighted average debt maturity at March 31st was 3.4 years and cash and undrawn facilities, net of commitments, amounted to €110 million.

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The group’s weighted average debt maturity at the same date is extended to 5.2 years and cash and undrawn facilities, net of commitments, increases to €235 million.Tom Edwards-Moss, chief financial officer of Hibernia, said the funds would be used to develop its portfolio.

“We are very pleased to have agreed this new debt issue, which increases our financial capacity and will help fund the development of our new office clusters at Clanwilliam Court and Harcourt Square,” he said.

“We are also delighted to welcome five new investors as long-term lenders. The new notes have a fixed coupon below the average cost of our existing borrowings and significantly extend the weighted average maturity of our debt.”