60 / 220
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
2014 2015 2016 2017 2018 2019 2020 2021
2022
FINANCIAL RATING
In February 2013, the rating agency Standard & Poor’s revised Cofinimmo’s
financial rating to BBB- for the long-term debt and A-3 for the short-term
debt. The reasons for this are a higher debt ratio than the sector’s average
and the lack of transactions on the Brussels office market.
Since then, Cofinimmo’s debt ratio has decreased thanks to the sale of
treasury shares, while less than 50% of the 2012 dividend was paid in
cash, the remaining (52.7%) being paid in the form of new ordinary shares.
2.36%
1,000M
2.33%
1,000M
4.0%
3.5%
3.0%
2.5%
2014
2015
2016
2017
3.00%
1,000M
3.00%
1,000M
3.00%
1,000M
3.00%
1,000M
4.5%
4.0%
3.5%
3.0%
2014
2015
2016
2017
4.25%
1,200M
4.25%
1,200M
4.25%
1,000M
4.25%
1,000M
CAP options bought
(x €1,000,000)
IRS
(x €1,000,000)
FLOOR options sold
(x €1,000,000)
DEPLOYMENT OF THE DEBT FINANCING
STRATEGY DURING THE FINANCIAL YEAR 2013
In 2013, Cofinimmo took a number of measures to gather financial
resources in order to meet its investment commitments and bolster its
balance sheet structure. Accordingly, since the beginning of 2013, the
company has successively proceeded to the following actions:
ISSUE OF A CONVERTIBLE BOND FOR €190.8 MILLION
On 20.06.2013, Cofinimmo issued a second convertible bond for a nominal
amount of €190.8 million and a five-year maturity.
This bond has a 2% coupon payable on June 20th each year. The first pay-
ment will be due on 20.06.2014.
PRIVATE PLACEMENT OF BONDS FOR €50.0 MILLION
On 23.10.2013, Cofinimmo successfully placed a bond loan with a term
of four years maturing on 23.10.2017 for a total amount of €50.0 million.
The bond offers a fixed coupon of 2.78% of the nominal value, payable
annually on October 23rd. The bonds were placed with a limited number
of institutional investors.
RENEWAL OF FIVE CREDIT LINES FOR A TOTAL AMOUNT OF
€270.0 MILLION
At the start of February 2013, Cofinimmo signed two new credit lines
to replace two existing maturing credit lines. The new lines, each for
€50.0 million, have a maturity of three years and five years respectively.
In July 2013, Cofinimmo signed three other credit lines: two lines, for an
amount of €50.0 million each, maturing in 2018 and in 2019 respectively,
and one line, for an amount of €70.0 million, maturing in March 2018 and
replacing a credit line maturing in March 2014.
NET AVAILABILITY OF CREDIT
These different transactions, together with the available funding from
Cofinimmo’s confirmed credit lines, amounted to €607.0 million at
31.12.2013. After deducting the full hedging of outstanding short-term
treasury bills (€103.2million), the refinancing of the credit lines maturing in
2014 (€140.0 million) and the bonds to be reimbursed in 2014 (€200.0 mil-
lion) is thus fully covered.
4.10%
140M
4.10%
140M
4.10%
140M
4.10%
140M
2.73%
500M
2.73%
500M
2.73%
500M
Management Report /
Management of Financial Resources
54
/