European mall operator VIA Outlets has successfully placed the issuance of 600 million euros worth of senior unsecured fixed-rate green bonds due 2028.
It is the inaugural green bond of VIA Outlets, which operates 11 premium outlet centres in nine European countries.
The issuance was six times oversubscribed, with the proceeds being used to repay the majority of its outstanding debt and to allow the company to execute its growth strategy in the coming years.
“The level of oversubscription we received underlines investors’ recognition of the strength of our business and the importance they rightly place on sustainable investment,” said VIA Outlets CFO Peter Stals in a statement.
“The issuance significantly improves our financing and maturity profile, diversifies our funding base and reduces our average nominal financing costs by more than 50 basis points to below 1.70 percent.”
In parallel to the bonds, a 100 million euro revolving credit facility was arranged with a set of relationship banks.