This is the first ‘green bond’ ever issued by an outlet owner-operator in Europe. The proceeds will be allocated to repay the majority of outstanding debt and to allow the company to execute its growth strategy in the coming years. In parallel to the bonds, a €100m revolving credit facility was arranged with a set of relationship banks.
Peter Stals, Chief Financial Officer at VIA Outlets, commented: “The level of oversubscription we received underlines investors’ recognition of the strength of our business and the importance they rightly place on sustainable investment. The issuance significantly improves our financing and maturity profile, diversifies our funding base and reduces our average nominal financing costs by more than 50 basis points to below 1.70%.”
Otto Ambagtsheer, Chief Executive Officer at VIA Outlets, added: “A key milestone for VIA Outlets, this initiative will enable us to continue our work to redefine the outlet shopping experience and be instrumental in further driving our 3 R’s growth strategy of remodelling, remerchandising and remarketing. At the same time, it also allows us to future-proof our centres from a digital and sustainability point of view as part of our recently launched sustainability strategy ‘Beyond Sustainable’.”
The Notes will have a Euronext Dublin (Global Exchange Market) listing under ISIN XS2407027031 / 240702703. BNP Paribas and ING acted as Joint Global Coordinators and Active Bookrunners and SMBC Nikko acted as Joint Bookrunner.