Consus Real Estate AG (CC1); places senior secured bond with a volume of €400m

Published on 07-05-2019 15:10:00
Author Michal Mierzwiak

On 3 May 2019, Consus announced that it has placed a senior secured bond with a volume of €400m to institutional investors. The company will use the net proceeds to refinance its outstanding liabilities and cash payments related to the acquisition of shares in CG Group AG.

The bond pays a coupon of 9.625% per annum and will mature in 2024. It was issued at 98.5% of its par value.

Benjamin Lee, Consus’ CFO, commented that: ‘We have had strong investor feedback which delivered positive support to our successful bond issue. In combination with Consus’ recent strong 2018 financials, this provides a very good backdrop to Consus 2019 performance.’

Before the bond issue, the total debt of the company stood at €2.2b with an average interest rate of 8.1% per annum. As per the latest available data (as at 30 June 2018) the SSN Group debt has been priced at 11.3% per annum, CG Gruppe at 7.6% and holding level debt at 4.5%. Therefore, depending on which part of the debt will be refinanced, we can expect increase or decrease in the total average interest rate of the group indebtedness.

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