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Northern Logistic Property (NLPR) has temporarily amended the terms of two loan facility agreements |
Tuesday, 13. October 2009 15:58 |
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(Oslo, 13 October 2009 - Northern Logistic Property ASA) Northern Logistic Property ASA (NLP) has renegotiated the terms of two loan facility agreements which implies that market values of the properties will be held unchanged until third quarter 2010. The agreements include repayments totalling SEK 88.3 mill for this period. The loans to which amendments have been agreed are: 1. Loan Facility Agreement in the amount of SEK 3,625,000,000 with Deutsche Pfandbriefbank AG (formerly known as Hypo Real Estate Bank AG) 2. Loan Facility Agreement in the amount of SEK 340,800,000 with Aareal Bank AG The repayments of the loan to Deutsche Pfandbriefbank AG amount to SEK 72,000,000 and the repayments of the loan to Aareal Bank AG amount to SEK 16,300,000. The reason for the agreed addendum agreement with Deutsche Pfandbriefbank AG is a valuation performed on the bank's initiative and, if applied, will result in a "cash sweep event". The deviation from previous valuations is limited and with the agreed repayments the LTV ratio will be below the cash sweep maximum LTV ratio set out in the Loan Facility Agreement. The loan from Aareal Bank AG has been in "cash sweep" for a period of time and will with the agreed repayments be below the "cash sweep event" LTV-ratio. No default of financial covenants has occurred or is ongoing for either of the loans. The CEO Per Gunnar Rymer says in a commentary: "The addendum agreements with Deutsche Pfandbriefbank AG and Aareal Bank AG ensure stability of LTV ratios until at least the third quarter of 2010. We find it reassuring that the valuation, performed by an appraiser nominated by Deutsche Pfandbriefbank AG, of the properties in the NLP Holding I portfolio concludes with a value that differs only marginally from prior valuations and that the value deviation is well within what must be considered to be a normal deviation between two independent appraisers. The agreed amendments mean that NLP can further strengthen its focus on value creation within its existing portfolio." For further information: Per Gunnar Rymer, CEO + 47 907 77 627 email: per.gunnar.rymer@nlpasa.com About Northern Logistic Property ASA Northern Logistic Property ASA is a leading pure-play logistic property company based in the Nordic region. The portfolio consists of 24 (prior to sale of 5 properties to Kungsleden) advanced logistic properties located in larger and regional cities in Sweden and Denmark, with a total lettable area of approximately 814,000 sq.m. See also www.nlpasa.com. This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement. View document |
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