Disclosure of Inside Information Pursuant to Article 17 of Regulation (EU) No. 596/2014
Berlin, December 16, 2022 – ACCENTRO Real EstateAG today entered into an agreement with a group of bondholders of the 2020/2023 bond (volume: EUR 250 million)—representing a total of approximately 56% of the bondholders invested in this bond — under which the affected bondholders, subject to an amendment of the bond terms, agree to an extension and thus refinancing of the 2020/2023 bond on arm’s-length terms and on the condition that an additional member of the Management Board is appointed (so-called lock-up agreement). At the same time, subject to the implementation of the refinancing of the 2020/2023 bond, an amendment agreement is expected to be concluded in the near future with the sole creditor of the 2021/2026 bond (volume: EUR 100 million) regarding an extension, subject to an adjustment of the terms and conditions of the 2021/2026 bond.
The agreed refinancing of the 2020/2023 bond provides for a three-year extension of the 2020/2023 bond until February 13, 2026, and an increase in the interest rate by 2 percentage points to 5.625%. The agreement also includes a one-time repayment upon the refinancing taking effect, additional contractually guaranteed minimum annual repayments (beginning in December 2023), and a mandatory special repayment from net proceeds from the sale of investment property and from certain loans and financial assets. In addition, the new terms and conditions of the 2020/2023 bond include restrictions on incurring new financial liabilities and acquiring new real estate. Specifically, ACCENTRO Real Estate AG has agreed that, until 80% of the face value of the refinanced 2020/2023, and will be subject to certain restrictions regarding the acquisition of new investment properties until certain minimum repayments on the refinanced 2020/2023 bond have been reached. The agreement further includes an obligation not to make any dividends or other distributions to shareholders of ACCENTRO Real Estate AG for the extended term.
Among the most important terms of the refinancing with respect to the 2021/2026 bond are an increase in the interest rate by 2 percentage points to 6.125%, a three-year extension of the maturity from the original March 23, 2026, to March 23, 2029, contractually guaranteed minimum annual repayments (starting in December 2026), and the equal allocation of payments toward the revenue-based mandatory special repayments between the two refinanced bonds once the outstanding principal amount of the refinanced 2020/2023 bond has been reduced to 100 million EUR or less. Furthermore, the terms adjusted for the refinanced 2020/2023 bond are essentially mirrored in the refinancing of the 2021/2026 bond.
In addition, a new and comprehensive collateral package has been agreed upon for both refinanced bonds, which secures the 2020/2023 refinanced bond and the 2021/2026 refinanced bond on an equal footing and is governed by a new creditors’ agreement.
ACCENTRO Real Estate AG will shortly initiate a process to obtain approval in accordance with the German Bond Act in order to carry out the refinancing with respect to the 2020/2023 bond. Corresponding announcements will be made available to the holders of the 2020/2023 bond in due course.
Person Issuing the Announcement:
Thomas Eisenlohr, Head of Investor Relations
Tel.: +49 (0)30 887181272
Berlin, December 16, 2022
The Executive Board
ACCENTRO Real Estate AG
Kantstraße 44/45
D-10625 Berlin
ISIN: DE000A0KFKB3 / DE000A3H3D51 / DE000A254YS5
Stock Exchanges: Frankfurt Stock Exchange, Regulated Market (Prime Standard) / Luxembourg Stock Exchange
Investor Relations Contact:
Thomas Eisenlohr
ACCENTRO Real Estate AG
Kantstraße 44/45
10625 Berlin
Email: eisenlohr@accentro.de
Phone: +49 (0)30 88 71 81 272