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).