Citycon Signed Total EUR 650 Million Committed Syndicated Credit Facility

Citycon Oyj has signed total EUR 650 million new committed syndicated multicurrency credit facility, to replace and extend its existing EUR 500 million facilities maturing in May 2024. The new facility consists of EUR 400 million revolving credit facility and a EUR 250 million term loan, and is fully secured by Iso Omena and four Norwegian assets.

The credit facilities can be used for general corporate purposes. The maturity of both new facilities is 3 years, with one year extension option (3+1 years). The margin of the facilities is determined based on Citycon’s credit rating. Additionally, the margin is linked to achieving Citycon’s key sustainability targets.

“Refinancing and expanding of Citycon’s revolving credit facility is an important milestone for our financing plan and commitment to remaining investment grade as it confirms the strength of our core bank relationships, provides a transaction record to support current valuations, and provides ample liquidity to continue to improve our maturity schedule and our balance sheet. Connecting Citycon’s sustainability performance to our financing will further support Citycon’s profile as a green investment”, says Bret McLeod, the Chief Financial Officer of Citycon.

The mandated lead arrangers and bookrunners of the facility are Danske Bank A/S (coordinator), Skandinaviska Enskilda Banken AB (publ) (coordinator), OP Corporate Bank plc and Swedbank AB (publ); Nordea Bank Finland Plc is a mandated lead arranger and Deutsche Bank AG a lead arranger.