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Corestate considers refinancing convertibles due 2022, bonds due 2023
By Marisa Wong
Los Angeles, May 9 – The management board of Corestate Capital Holding SA has decided to take steps to refinance the company’s convertible bonds due November 2022 and bonds due April 2023, according to a Monday press release.
The company has, among other things, mandated a financial adviser to evaluate and, if necessary, prepare options for refinancing both instruments, including potential alternative scenarios.
The company said it is pursuing these alternative measures while it continues to work on raising additional liquidity.
The company also announced on Monday that it no longer considers it likely that it will meet the financial targets originally set for the financial year.
Corestate’s management board is therefore withdrawing the financial outlook for 2022, with revenue of between €210 million and €230 million and EBITDA of between €90 million and €110 million and a related dividend, until further notice.
The company mentioned that macroeconomic risks, which have increased significantly since the outbreak of the Ukraine war, and the ongoing disruptions to global supply chains, are also reaching the real estate sector.
Recent interest rate developments are leading to a decline in transaction business and restraint on the part of clients, the company noted.
In addition, there has been a significant increase in uncertainty on the part of the company due to the refinancing process currently underway, with possible negative consequences for new business in the current year, the company said.
Significantly lower revenues, particularly from acquisition and performance-related fees in the core business, are becoming apparent as a result of these effects, the company surmised.
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