Stoneweg Europe refinances, extends $128.8m facility

This forms part of its balance-sheet optimisation programme.

Stoneweg Europe Stapled Trust (SERT) announced that it has refinanced and extended a $128.8m (€85m) unsecured facility in its balance-sheet optimisation programme.

The loan facility has an initial amount of $128.8m with $107m (€70.63m) initially drawn. The loan facility has a 48-month tenor from the first utilisation, with an option to extend the maturity by up to 12 months, SERT said in a bourse filing.

The proceeds will be used to refinance the existing $107m loan and for general corporate purposes, it added.

The loan facility includes an accordion option allowing the aggregate size of the facility to be increased by up to $280.5m (€185m), subject to customary conditions

The facility strengthens SERT’s debt maturity profile and liquidity position, it said.

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