FIBRA Macquarie México Completes US$210 Million Refinancing

Date : 09/13/2017 @ 8:52PM
Source : Business Wire
Stock : Macq Group Fpo (MQG)
Quote : 89.17  0.03 (0.03%) @ 11:21PM
Macquarie Group share price Chart

FIBRA Macquarie México Completes US$210 Million Refinancing

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FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ) announced the successful completion of its previously communicated US$210 million loan refinancing. The new loan is a 10-year, non-amortizing, non-recourse, secured loan with a fixed interest rate of 5.38 percent. Proceeds were used to fully prepay an approximate US$180 million secured loan due to mature on February 1, 2018. The balance was used to pay down revolver drawings to a current level of US$65 million.

Since 30 June 2016, FIBRAMQ has successfully raised the equivalent of US$1.1 billion of debt, primarily utilized to refinance debt. In doing so, FIBRAMQ has delivered significant benefits, including:

  • Extended weighted average tenor of debt outstanding to 6.2 years from 1.4 years resulting in a smoother debt maturity profile
  • Increased proportion of fixed-rate funding to 92.8 percent from 73.0 percent
  • Established a revolving credit facility with current undrawn availability of US$202.0 million
  • Increased and diversified sources of financing from 3 to 13 lenders
  • Reduced the proportion of secured debt from 100.0 percent to 28.6 percent

“We are very pleased with the ongoing enhancements we have made to our balance sheet,” said Juan Monroy, FIBRA Macquarie’s chief executive officer. “We have meaningfully improved our capital position, enhanced our flexibility, extended maturities, have a more favorable mix of fixed and unsecured debt, and a wider group of lenders. With these improvements, we are well positioned to continue to execute on our strategic plan.”

FIBRA Macquarie does not have any maturities until April 2019.

        Metric

Pre-30 June 2016 Refinance

June 30, 2016 September 30, 2016 September 13, 2017 1   Total debt US$995m US$931m US$908m US$907m Average cost of debt (p.a.) 5.1% 5.1% 4.9% 5.3%2 Debt tenor (weighted avg) 1.4 yrs 4.2 yrs 4.8 yrs 6.2 yrs Total revolver N/A US$219m US$259m US$267m1 Undrawn revolver N/A US$32m US$161m US$202m1 Drawn Revolver N/A US$187m US$98m US$65m Number of lenders 3 11 13 13 Secured debt (% of total debt) 100.0% 29.8% 25.0% 28.6% CNBV regulatory LTV 40.2% 39.1% 38.5% 37.0%3 CNBV regulatory DSCR 1.6x 1.4x 1.1x ~4.2x Fixed Rate 73.0% 57.0% 89.0% 92.8% US Dollar Denominated Debt 90.0% 90.0% 95.0% 94.6%1 Unencumbered Assets   0.0%   75.4%   80.5%   77.8% 1. FX at 17.6443. Other periods shown using closing FX for such period 2. 90 day Libor at 1.32% and 30 day Libor at 1.24% as of Aug 29, 2017 3. CNBV Regulatory LTV as of June 2017  

Please refer to the following table summarizing FIBRA Macquarie’s loans outstanding and drawn revolver commitments as of 13 September 2017.

  Debt Associated with Wholly-Owned Properties Lenders   Ccy  

Outstandingbalance US$(in millions)1

 

Outstandingbalance Ps.(in millions)1

 

Interest Type(Fixed/Variable)

  Rate p.a.   Amortization   Security Type  

Commence-ment Date

 

MaturityDate

 

ExtendedMaturityDate5

                    Various Banks through a Credit Facility -Term Loan   USD   258.0   4,617.5   Fixed2   4.33%   Interest Only   Unsecured   17/06/2016   17/06/2020   17/06/2021 Various Banks through a Credit Facility -Revolving Credit Facility USD 65.0 1,700.2 Variable 30 day LIBOR+2.75% Interest Only Unsecured 17/06/2016 17/06/2019 17/06/2020   Ps.   -   -   Variable   TIIE 28+2.45%           Various Insurance Companies through a Note Purchase and Guaranty Agreement -Term Loan USD 250.0 4,474.3 Fixed 5.55% Interest Only Unsecured 17/06/2016 17/06/2023 -   USD   75.0   1,342.3   Fixed   5.44%       30/09/2016   17/09/2026   - Metropolitan Life Insurance Company -Term Loan   USD   210.0   3,230.5   Fixed   5.38%   Interest Only3   Guaranty Trust, among others4   12/09/2017   01/09/2027   - Total       858.0   15,364.9                                

Debt Associated with Grupo Frisa JV6

Lenders Ccy

Initialbalance US$mm

Initialbalance Ps.mm

Interest Type Rate p.a. Amortization3 Security Type4

Commence-ment Date

MaturityDate

ExtendedMaturityDate5

(Fixed/Variable) Metropolitan Life Insurance Company -Term Loan   Ps.   32.7   577.5   Fixed   8.50%   Interest Only   Guaranty Trust, among others   06/12/2016   06/12/2023   - Metropolitan Life Insurance Company -Term Loan   Ps.   16.3   288.0   Fixed   7.61%   Interest Only   Guaranty Trust, among others   14/03/2014   01/04/2019   - Total       49.1   865.5                             1. Excludes capitalized upfront borrowing costs which are amortized over the term of the relevant loan. FX: Ps. 17.6443 per USD. 2. Fixed by a corresponding interest rate swap. Term loan has a variable interest type calculated at 90 day LIBOR+3.125% p.a. spread. 3. Interest only subject to compliance with certain debt covenants. 4. Lenders have recourse only to the properties, cash flows and other reserves constituted under the facilities, except under certain limited circumstances in which the lenders have recourse to FIBRA Macquarie. 5. Extension at FIBRA's option, subject to meeting certain conditions. 6. Amounts stated represent FIBRA Macquarie’s proportionate share.  

About FIBRA Macquarie

FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie’s portfolio consists of 274 industrial properties and 17 retail/office properties, located in 22 cities across 18 Mexican states as of June 30, 2017. Nine of the retail/office properties are held through a 50/50 joint venture with Grupo Frisa. FIBRA Macquarie is managed by Macquarie México Real Estate Management, S.A. de C.V. which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group. For additional information about FIBRA Macquarie, please visit www.fibramacquarie.com.

Macquarie Infrastructure and Real Assets (MIRA) pioneered infrastructure as a new asset class for institutional investors. For more than 20 years it has been investing in and managing the assets that people use every day - extending beyond Infrastructure to Real Estate, Agriculture and Energy. MIRA’s dedicated operational and financial experts work where MIRA’s funds invest and the portfolio companies operate. They are part of a global team which helps clients to see across the regions and deep into local markets. As of March 31, 2017, MIRA has assets under management of more than $118 billion.

About Macquarie Group

Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 70 office locations in 28 countries. Macquarie employs approximately 13,597 people and has assets under management of more than $367 billion (as of March 31, 2017).

Cautionary Note Regarding Forward-looking Statements

This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements.

None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.

THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.

THIS ANNOUNCEMENT IS NOT FOR RELEASE IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA.

FIBRA Macquarie MéxicoInvestor relations:+52 (55) 9178 7763fibramq@macquarie.comorEvelyn Infurna, +1-203-682-8265evelyn.infurna@icrinc.comorNikki Sacks, +1-203-682-8263nikki.sacks@icrinc.comorFor press queries:FleishmanHillard MéxicoAlejandro Sampedro Llorens, +52 55 5540 6031 ext. 249alejandro.sampedro@fleishman.com

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