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The Cofinimmo Group’s consolidated financial debt, non-current and current, was 1,255.0 million EUR at 31.12.2015. They were composed as follows
(see also the schedule on page 81):
1
As a result of the company’s capital increase and the detachment of coupons relating to the preferential subscription rights, the 2014 dividend and the 2015 pro rata dividend, the
rights of the holders of the convertible bonds issued by Cofinimmo in 2011 and 2013 were adjusted. See also our press release dated 23.04.2015, available at
www.cofinimmo.com.
2
Including a “Schuldschein” or debt certificate entered into with two German banks.
•
246.5 million EUR in commercial papers, including 220.5 million EUR
for a period of under one year and 26.0 million EUR for an initial
period of over three years;
•
3.8 million EUR corresponding to the discounted value of the
minimum coupon on the mandatory convertible bonds issued by
Cofinimur I in December 2011.
2) Bank facilities
Cofinimmo has confirmed long-term credit lines for a total of
2,280.0 million EUR. After deducting debts drawn and commercial
papers of a duration of less than a year, a balance of 1,065.0 mil-
lion EUR remains, which can refinance the maturing credits.
In order to diversify its sources of financing, the Group has access to
credit lines signed with 11 first-rate financial institutions.
At 31.12.2015, the debts drawn on the credit lines were made up of:
•
223.7 million EUR in bilateral and syndicated medium- and long-term
loans
2
, with original maturity periods of between five and 10 years,
taken out with 11 banks;
•
13.4 million EUR in other loans and advances (mainly account debits
and rental guarantees received).
“IN 2015, COFINIMMO
ISSUED A PRIVATE
PLACEMENT OF
BONDS FOR A TOTAL
OF 190 MILLION EUR
AND A DURATION OF
SEVEN YEARS.”
1) Bond market
Cofinimmo regularly has access to equity markets to finance its investment projects. At 31.12.2015, the funds raised on the equity markets were
made up of:
•
380 million EUR in non-convertible bond loans:
Issuer
Nominal amount
(x 1,000,000EUR)
Issue price
Coupon
Issue date
Maturity date
Cofinimmo SA/NV
140.0
100%
3.598%
26.07.2012
07.02.2020
Cofinimmo SA/NV
50.0
100%
2.78%
23.10.2013
23.10.2017
Cofinimmo SA/NV
190.0
100%
1.929%
25.03.2015
25.03.2022
•
387.6 million EUR in bond loans convertible into Cofinimmo shares:
Issuer
Nominal amount
(x 1,000,000EUR)
Issue price Conversion price
1
Coupon
Issue date
Maturity date
Cofinimmo SA/NV
173.3
100%
114.284 EUR
3.125%
28.04.2011
28.04.2016
Cofinimmo SA/NV
190.8
100%
100.440 EUR
2.00%
20.06.2013
20.06.2018
These bonds are recognised at their market value in the balance sheet.
79