Hibernia goes unsecured with €400m refinancing

Euro banknotes

Hibernia REIT has refinanced its €400m secured revolving credit facility with a €320m unsecured revolving credit facility and €75m of unsecured US private placement notes.

The unsecured facility has a five year term and a margin of 2% over EURIBOR. The participating banks (joint arrangers) are Bank of Ireland, Wells Fargo, Barclays Bank Ireland and Allied Irish Banks. Bank of Ireland and Wells Fargo acted as joint coordinators and Bank of Ireland is acting as agent. Previously the secured facility, which was repayable in November 2020, had a margin of 2.05%, and was the group’s sole debt facility.

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