6 November 2012 8:54
Price Sensitive extraordinary operations

A loan agreement signed and a mortgage loan renewed

IGD – Immobiliare Grande Distribuzione SIIQ S.p.A. (“IGD” or the “Company”), leading owner and manager of retail shopping centers in Italy and listed on the STAR segment of the Italian Stock Exchange, has signed a loan agreement for a total of €18 million with Mediocredito Italiano S.p.A. (Gruppo Bancario Intesa Sanpaolo), which goes into effect immediately.

The agreement is for a 5 year mortgage loan indexed to the six month Euribor with a spread of 365 bps. The facility provides for draw downs typical of similar financing transactions.

IGD also exercised the term out option on the loan with Cassa di Risparmio del Veneto S.p.A.(Gruppo Bancario Intesa Sanpaolo), extending the maturity of the original €30 million mortgage loan (to date €28,350,000) to 1 May 2014 at the six month Euribor with a spread of 310 bps.

”The transactions finalized are particularly satisfying for us as they confirm the financial standing of the IGD Group, even during the current economic situation in Italy where many businesses are having trouble accessing credit.” Claudio Albertini, Chief Executive Officer of IGD – Immobiliare Grande Distribuzione SIIQ S.p.A. “The new funds complete the financing needed in order to finish the projects in the pipeline for the current year”.