Tritax EuroBox PLC EUR 500 million debut green bond issuance (9614Z)
27 Mayo 2021 - 01:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 9614Z
Tritax EuroBox PLC
27 May 2021
27 May 2021
EUR500 MILLION DEBUT GREEN BOND ISSUANCE
SUPPORTING SUSTAINABILITY STRATEGY AND VISION
Tritax EuroBox plc (ticker: EBOX; BOXE) (the Company), which
invests in a high-quality portfolio of very large, prime logistics
real estate assets strategically located across Continental Europe,
today announces the pricing of EUR500 million of senior unsecured
green bonds maturing on 2 June 2026 (the 2026 Notes). The 2026
Notes were significantly oversubscribed, having generated
substantial institutional demand following a series of fixed income
investor meetings.
Further strengthening the balance sheet
The 2026 Notes will have a tenor of five years and an annual
coupon of 0.95%. The issue will significantly reduce the Company's
cost of debt and represents the first step in the Company
diversifying its funding sources into the debt capital markets.
The 2026 Notes are rated BBB- (Stable) by Fitch Ratings and are
expected to (i) be issued on 2 June 2021 upon the satisfaction or
waiver of customary conditions precedent and (ii) be admitted to
the Irish Stock Exchange's Official List and to trading on the
Global Exchange Market of the Irish Stock Exchange upon issue.
Underpinning the Company's sustainability strategy and
vision
The net proceeds from the 2026 Notes will be used by the Company
to finance and/or refinance, in whole or in part, a portfolio of
eligible assets as outlined in the Green Finance Framework (the
Framework), as announced on 18 May 2021 and available on the
Company's website . This will include standing assets as well as
contributing to the f unding of the Company's extensive pipeline of
new developments and acquisitions .
The Company's vision for sustainability is to demonstrate
leadership in sustainable logistics real estate, working in
collaboration with stakeholders to create positive change and value
in the long term. Using the proceeds of the 2026 Notes for Eligible
Green Projects demonstrates the Company's comprehensive commitment
to this vision, with its new developments and acquisitions expected
to be best in class, sustainable, net zero carbon buildings, and to
be certified as BREEAM "Very Good" or DGNB "Gold" (or
equivalent).
Mehdi Bourassi, Finance Director for Tritax EuroBox plc,
commented :
"Earlier this year we were awarded a BBB- rating by Fitch
reflecting the Company's high-quality portfolio of big-box
real-estate assets and their long-term, inflation-indexed leases.
We are delighted to have achieved this next step in the Company's
evolution. Across our portfolio, we see significant opportunities
to reduce environmental impact, benefitting all our stakeholders.
In addition to supporting these objectives, the Green Bond
represents attractively priced financing, diversifying our funding
sources, significantly reducing our cost of debt and further
strengthening our balance sheet."
Helen Drury, Sustainability Lead for Tritax Group,
commented:
"We are making significant progress in enhancing the
sustainability of our portfolio for the benefit of all our
stakeholders. We have the opportunity to make a significant and
positive contribution to improving the environmental impact of the
logistics real estate and construction sectors. Initiatives that
deliver best in class sustainable developments, reduce carbon
emissions and support energy efficiency will be supported by the
proceeds from our first Green Bond."
BNP Paribas and BofA Securities (acting as Active Bookrunners)
and Bank of China (Acting as Passive Bookrunner) were mandated in
connection with the 2026 Notes.
The Company was advised on the financing transaction by Lazard
& Co., Limited.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tritax Group
+44 (0) 20 8051 5070
Nick Preston
Mehdi Bourassi
Jo Blackshaw (Investor Relations)
Maitland/AMO (Media inquiries)
James Benjamin
+44 (0) 7747 113 930
tritax-maitland@maitland.co.uk
The Company's LEI is: 213800HK59N7H979QU33.
NOTES:
Tritax EuroBox plc invests in and manages a well-diversified
portfolio of well-located Continental European logistics real
estate assets that are expected to deliver an attractive capital
return and secure income to shareholders. These assets fulfil key
roles in the logistics and distribution supply-chain focused on the
most established logistics markets and on the major population
centres across core Continental European countries.
Occupier demand for Continental European logistics assets is in
the midst of a major long-term structural change principally driven
by the growth of e-commerce. This is evidenced by technological
advancements, increased automation and supply-chain
optimisation.
The Company's Manager, Tritax Management LLP, has assembled a
full-service European logistics asset management capability
including specialist "on the ground" asset and property managers
with strong market standings in the Continental European logistics
sector.
Further information on Tritax EuroBox plc is available at
www.tritaxeurobox.co.uk
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