Summit Germany uses bond issue proceeds to pay down debt

Summit Properties Limited NPV

€0.60

16:55 16/03/20

-45.45%

-€0.50

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.

FTSE AIM 100

3,533.50

13:05 14/11/24

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FTSE AIM All-Share

730.53

13:05 14/11/24

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Real Estate Investment & Services

2,339.65

12:34 14/11/24

1.57%

36.27

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.”