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MERLIN financial debt has an average
maturity period of 3.7 years and a spot
average cost of 2.23%. Nominal debt with
Interest rate hedged amounts to 43.3% of
total financial debt. Net financial debt as of 31
December 2015 is € 3,013,436 thousand.
On 20 December 2015, MERLIN Properties
SOCIMI, S.A. subscribed an unsecured loan
agreement with 10 financial entities for a
total amount of € 1,700 million. The referred
amount will be used to repay Testa mortgage
debt (excluding mortgage debt associated
with the rented residential portfolio) and
full repayment of the outstanding amount
of € 350 million related to the bridge
loan subscribed to by MERLIN in 2015 to
partially fund Testa acquisition. The effective
disbursement of the unsecured loan was
executed on 8 January, 2016 and as such
it was not accounted for in 2015 financial
statements. For further information on the
unsecured loan as well as the pro-forma
impact on MERLIN financial debt position,
please refer to the events post-closing
section.
(1)
Excludes accrued interest of € 11,934 thousand
€ thousand
Long term Short term Total
Mortgage debt
1,279,369 1,332,881
2,612,250
Non-mortgage debt
-
350,117
350,117
Leasings
163,850
11,705
175,555
Bonds
-
-
-
Total gross financial debt
(1)
1,443,219 1,694,703
3,137,922
Financial debt associated with assets held for sale
110,629
8,785
119,414
Total gross financial debt
1,553,848
1,703,488
3,257,336
Cash and equivalents
-
(560,740) (560,740)
Payment owed to Sacyr for 23% stake in Testa
-
316,840 316,840
Total net financial debt
1,553,848
1,459,588
3,013,436
Net financial debt breakdown