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Annual Report 2015
TESTA REFINANCING
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. After the said financing,
debt position of MERLIN is as follows:
NEW ACQUISITIONS
On January 2016, MERLIN Properties
acquired, through its subsidiary MERLIN
Logistica, a logistics facility located in
Pinto for an amount of € 12.8 million.
The facility has 70,000 sqm of GLA and
benefits from an excellent location in the
junction of A-4 and M-50 highways.
The Company has recently acquired,
through MERLIN Logistica, a 100,000 sqm
GLA turn-key project in Azuqueca,
Corredor de Henares, for an amount of
€ 17 million.
Net financial debt breakdown
€ thousand
Long term Short term Total
Weigthed
average
maturity
(years)
Nominal
debt with
interest
rate hedged
(%)
All-in
Sport rate
(%)
Secured bank debt
1,145,769
10,749
1,156,518
8.5
97.7%
Sport rate
(%)
Secured debt with
other entities
133,600
-
133,600
9.2
100.0% 2.66%
Unsecured debt
1,700,000
117
1,700,117
4.2
35.0% 1.33%
Leasings
163,850
11,705
175,555
3.5
83.1% 2.99%
Total gross debt
3,143,219
22,571
3,165,790
5.9
63.1% 2.02%
Debt associated
with assets held for
disposal
110,629
8,785
119,414
7.1
1.90%
Total gross debt
3,253,848
31,356 3,285,204
6.0
60.8% 2.02%