Summit Germany uses bond issue proceeds to pay down debt

Summit Germany announced on Thursday that, following receipt of the proceeds from its recent bond issue, it has repaid existing debt facilities totalling €220m, including a €19.5m loan from Summit Real Estate Holdings.

The AIM-traded firm said the average interest rate of the repaid facilities was 3.62% per annum, compared to 2.00% per annum for the senior fixed rate notes issued pursuant to the bond.

“This should result in interest cost savings of €3.4m per annum for the company.”