CTP consolidates financing with record €1.9bn syndicated loan
CTP has agreed with a consortium of three banks on a €1.9bn syndicated financing package for the industrial developer's Czech portfolio. It covers 2.7 million square meters spread among 200 buildings, with €1.6bn of refinancing along with a €269m in new financing that will be made available for projects to be completed in the next 18 months. "This deal secures our financing in the Czech Republic for the mid-term and will help us significantly in achieving our next goal of growing to 10 million square metres.” stated Remon Vos, CTP Group CEO. The deal consolidates 40 existing loan agreements into a single syndicated one, which CTP's CFO Zdeněk Raus said would simplify its financing arrangements. "We can streamline loan administration and processing and benefit from secure funding of our industrial portfolio over the mid-term, in addition to development financing for the next 18 months.” The three mandated leade arrangers were: Erste Group Bank and Česká spořitelna, Société Générale S.A. and Komerční banka, along with UniCredit S.p.A. and UniCredit Bank Czech Republic and Slovakia, a.s.