METRO GROUP successfully completes refinancing for FY 2012

23 February 2012

METRO GROUP has completed its refinancing for 2012 ahead of schedule thanks to several transactions made in January and February. By doing so, the maturity profile has been significantly improved. 

Yesterday, METRO GROUP issued a €500 million, 7-year bond with a final spread of 145bp over mid-swaps. Investor demand was extremely strong and the order book grew to nearly €4 billion. The coupon was fixed at 3.375%. 

Furthermore, in January and February 2012 €285 million EMTNs (private placements) with durations ranging between 4 and 8 years and interest rates from 3.0% to 4.05% were issued. 

At the beginning of February a CHF 225 million, 4-year bond with 1.875% interest rate was issued. In addition to benefiting from the attractive interest level, we were also able to enlarge our investor base. 

The marketing phase of a €200 million promissory note (Schuldscheindarlehen) with durations of 4 and 6 years will run until the end of February. The value date will be mid March 2012. 

"The excellent terms and conditions of the successful refinancing underscore METRO GROUP's good creditworthiness as well as its high esteem in the capital market", said Mark Frese, CFO METRO GROUP. "We thus directly utilise the good opportunities currently offered by the market." 

METRO GROUP is rated BBB/P2, stable outlook by Standard & Poors and Baa2/A2, negative outlook by Moody's.