Hibernia REIT sells €125 million of 10-year, 12-year fixed rate notes

By Devika Patel

Knoxville, Tenn., May 21 – Hibernia REIT plc plans to place €125 million fixed rate notes with five new institutional investors, according to an 8-K filed with the Securities and Exchange Commission.

The notes consist of €62.5 million 10-year notes and €62.5 million 12-year notes, with an average fixed coupon of 1.9%.

The sale priced on April 14 and will settle on July 23.

The group's weighted average debt maturity at March 31 was 3.4 years and cash and undrawn facilities, net of commitments, amounted to €110 million.

Proforma for the new notes, the weighted average debt maturity will be extended to 5.2 years and cash and undrawn facilities, net of commitments, increases to €235 million.

Hibernia is a real estate investment trust based in Dublin.

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