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Cromwell E-Reit unit establishes 1.5b euro medium-term note programme

CROMWELL European Real Estate Investment Trust's (Cromwell E-Reit) subsidiary, Cromwell E-Reit Lux Finco Sàrl, has established a 1.5 billion euro (S$2.4 billion) medium-term note (EMTN) programme and entered into a 135 million euro unsecured revolving credit facility, its manager announced on Tuesday.

Net proceeds from the issuance of the notes will be used to grant loans to certain subsidiaries for purposes including acquiring real estate assets, refinancings, as well as working capital management, the manager said.

The notes will be offered in Singapore. The arranger for the EMTN programme is ING Bank NV, Singapore branch. Dealers include Crédit Agricole Corporate and Investment Bank, Crédit Industriel et Commercial SA, Deutsche Bank AG, Singapore branch, HSBC Bank, ING Bank NV, Intesa Sanpaolo, Société Générale, Standard Chartered Bank (Singapore) and UBS AG, London branch.

The issuing and principal paying agent is The Bank of New York Mellon, London branch.

Separately, Cromwell E-Reit's subsidiary has entered into a 135 million euro unsecured revolving credit facility, with an accordion increase option of a further 65 million euro, the manager noted.

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It added that proceeds from the facility will be applied towards general corporate funding purposes, including the refinancing of existing indebtedness and other general working capital purposes.

Intesa Sanpaolo, Société Générale, Crédit Industriel et Commercial, Singapore branch and Banque Européenne du Crédit Mutuel are the original lenders for the facility, which will mature 48 months from the date of the agreement.

In its bourse filing on Tuesday, the manager also noted that Fitch Ratings Singapore has assigned the Reit a long-term issuer default rating of BBB- with a stable outlook.

Units of Cromwell E-Reit closed at 47 euro cents on Monday, down 0.5 cent or 1.1 per cent.

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