Stoneweg Europe Stapled Trust refinances, extends 85 million euro facility agreement

[SINGAPORE] The managers of Stoneweg Europe Stapled Trust (Sert) on Thursday (Dec 18) announced that it has refinanced and extended an 85 million euro (S$128.9 million) unsecured facility.

As part of its balance-sheet optimisation programme, this strengthens Sert’s debt maturity profile and liquidity position, added its managers. Sert is a stapled group comprising Stoneweg European Real Estate Investment Trust (E-Reit) and Stoneweg European Business Trust.

Stoneweg E-Reit Lux Finco, an indirect wholly owned subsidiary of Stoneweg E-Reit, on Tuesday entered an agreement to amend and restate an existing facility agreement dated Nov 12, 2019. This is to extend the agreement’s termination date and introduce credit-rating features in relation to the calculation of the facility margin.

Previously, the facility agreement was amended and restated on Mar 8, 2023, and further amended on Sep 13, 2024, and Jan 15, 2025.

The amended and restated term loan facility agreement is for an aggregate amount of 85 million euros, of which 70.6 million euros will be initially drawn down to refinance an outstanding loan of Stoneweg E-Reit Lux Finco.

Pursuant to an accordion increase option, the facility may be increased to up to 185 million euros, noted the managers. Its proceeds will go towards general corporate funding purposes, including the refinancing of the 70.6 million euro loan.

SEE ALSO

Stoneweg Europe Stapled Trust divests Slovakia portfolio for 70 million euros

Stapled securities of Sert ended Wednesday 0.6 per cent or 0.01 euro lower at 1.60 euros.