Vesta Announces New Private Placement For US$ 85 Million And Signs Commitment Letter For A New Syndicated Loan For US$ 80 Million And Revolving Line For US$ 125 Million
MEXICO CITY, June 24, 2019 /PRNewswire/ -- Corporación Inmobiliaria Vesta, S.A.B. de C.V. ("VESTA") (BMV: Vesta), one of the leading pure-play industrial real estate companies in Mexico, announced today that it has entered into a US$ 85 million dual tranche unsecured private placement (the "Notes") and has signed two commitment letters to receive additional funding from a unsecured syndicated loan and a revolving credit facility for US$ 80 million and US$ 125, respectively.
The Notes have been rated BBB- by Fitch Rating and consists of a 10-year non-amortizing tranche of US$ 70 million with a fixed 5.18% semi-annual coupon and a 12-year non-amortizing tranche of US$ 15 million with a fixed 5.28% semi-annual coupon. The Notes were placed with a consortium of leading institutional investors. Closing of the Notes is subject to costumery closing conditions.
Regarding the commitment letters, one is for US$ 80 million unsecured 5-year loan which bears an interest rate of Libor +190 bps and the second for a US$ 125 million unsecured 3-year revolving credit facility with an interest rate of Libor +185 bps. This transaction is subject to final documentation and costumery closing conditions.
"These new transactions represent a competitive source of financing for Vesta increasing our financial flexibility from new additional unsecured debt sources," said Lorenzo Dominique Berho, Chief Executive Officer of Vesta. "This will enable us to continue strengthening our balance sheet to carry on our track record of outstanding financial performance."
Vesta is a best-in-class, fully integrated real estate company that owns, manages, acquires, sells, develops and re-develops industrial properties in Mexico. As of March 31, 2019, Vesta owned 187 properties located in modern industrial parks in 14 states of Mexico totaling a GLA of 30.4 million ft² (2.83 million m²). The Company has multinational clients, which are focused in industries such as aerospace, automotive, food and beverage, logistics, medical devices, and plastics, among others. For additional information visit: www.vesta.com.mx.
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SOURCE Corporación Inmobiliaria Vesta, S.A.B. de C.V.
Released June 24, 2019