Swiss Prime Site completes comprehensive refinancing. The advisors

Swiss Prime Site com­pleted a refin­an­cing with 11 Swiss bank­ing insti­tu­tions and two unse­cured cred­it facil­it­ies agree­ments with a total amount of CHF 2.6 bil­lion, par­tic­u­larly to redeem the vast major­ity of its bank mort­gages. The new fin­an­cing is also dir­ectly linked to Swiss Prime Site’s com­pre­hens­ive sus­tain­ab­il­ity object­ives. The cred­it mar­gin to be paid is depend­ent on both the LTV ratio and the devel­op­ment of the com­pany’s extern­al ISS ESG rating.

This refinancing increases the proportion of unencumbered properties in Swiss Prime Site’s portfolio from just under 30% to more than 80% and will ensure that the vast majority of its debt providers are on equal footing.

 

The advisors

Advestra advised Swiss Prime Site on all aspects of the refin­an­cing. The team included Alex­an­der von Jein­sen (pictured), Mar­lon Ber­to­lini and Stefanie Ram­sper­ger (fin­ance), Thomas Reut­ter (cap­it­al mar­kets) as well as Laurent Ried­weg and Markus Müh­le­mann (tax).

Niederer Kraft Frey, acting through two separate teams, advised UBS Switzerland and Credit Suisse (Switzerland) on the one hand and Zürcher Kantonalbank and further cantonal banks on the other hand, on the landmark refinancing of Swiss Prime Site’s existing bank mortgages.

The NKF team advising UBS Switzerland and Credit Suisse (Switzerland) was led by m&a/finance partners Till Spillmann and Philip Spoerlé, working with junior associate Angela von Ballmoos (m&a/finance) as well as with partner Markus Kronauer (tax).

The NKF team advising Zürcher Kantonalbank was led by m&a/finance partner Adrian Koller, working with junior associate Selim Lötscher (m&a/finance) as well as with partner Markus Kronauer (tax).

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