FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ)
announced the successful completion of its previously communicated
US$210 million loan refinancing. The new loan is a 10-year,
non-amortizing, non-recourse, secured loan with a fixed interest
rate of 5.38 percent. Proceeds were used to fully prepay an
approximate US$180 million secured loan due to mature on February
1, 2018. The balance was used to pay down revolver drawings to a
current level of US$65 million.
Since 30 June 2016, FIBRAMQ has successfully raised the
equivalent of US$1.1 billion of debt, primarily utilized to
refinance debt. In doing so, FIBRAMQ has delivered significant
benefits, including:
- Extended weighted average tenor of debt
outstanding to 6.2 years from 1.4 years resulting in a smoother
debt maturity profile
- Increased proportion of fixed-rate
funding to 92.8 percent from 73.0 percent
- Established a revolving credit facility
with current undrawn availability of US$202.0 million
- Increased and diversified sources of
financing from 3 to 13 lenders
- Reduced the proportion of secured debt
from 100.0 percent to 28.6 percent
“We are very pleased with the ongoing enhancements we have made
to our balance sheet,” said Juan Monroy, FIBRA Macquarie’s chief
executive officer. “We have meaningfully improved our capital
position, enhanced our flexibility, extended maturities, have a
more favorable mix of fixed and unsecured debt, and a wider group
of lenders. With these improvements, we are well positioned to
continue to execute on our strategic plan.”
FIBRA Macquarie does not have any maturities until April
2019.
Metric
Pre-30 June 2016
Refinance
June 30, 2016 September 30, 2016 September 13,
2017 1 Total debt US$995m US$931m US$908m US$907m
Average cost of debt (p.a.) 5.1% 5.1% 4.9% 5.3%2 Debt tenor
(weighted avg) 1.4 yrs 4.2 yrs 4.8 yrs 6.2 yrs Total revolver N/A
US$219m US$259m US$267m1 Undrawn revolver N/A US$32m US$161m
US$202m1 Drawn Revolver N/A US$187m US$98m US$65m Number of lenders
3 11 13 13 Secured debt (% of total debt) 100.0% 29.8% 25.0% 28.6%
CNBV regulatory LTV 40.2% 39.1% 38.5% 37.0%3 CNBV regulatory DSCR
1.6x 1.4x 1.1x ~4.2x Fixed Rate 73.0% 57.0% 89.0% 92.8% US Dollar
Denominated Debt 90.0% 90.0% 95.0% 94.6%1 Unencumbered Assets
0.0% 75.4% 80.5% 77.8% 1. FX at
17.6443. Other periods shown using closing FX for such period 2. 90
day Libor at 1.32% and 30 day Libor at 1.24% as of Aug 29, 2017 3.
CNBV Regulatory LTV as of June 2017
Please refer to the following table summarizing FIBRA
Macquarie’s loans outstanding and drawn revolver commitments as of
13 September 2017.
Debt Associated with Wholly-Owned Properties Lenders
Ccy
Outstandingbalance US$(in millions)1
Outstandingbalance Ps.(in millions)1
Interest Type(Fixed/Variable)
Rate p.a. Amortization Security Type
Commence-ment Date
MaturityDate
ExtendedMaturityDate5
Various Banks through a Credit Facility -Term Loan
USD 258.0 4,617.5 Fixed2 4.33%
Interest Only Unsecured 17/06/2016 17/06/2020
17/06/2021 Various Banks through a Credit Facility
-Revolving Credit Facility USD 65.0 1,700.2 Variable 30 day
LIBOR+2.75% Interest Only Unsecured 17/06/2016 17/06/2019
17/06/2020 Ps. - - Variable TIIE
28+2.45% Various Insurance
Companies through a Note Purchase and Guaranty Agreement -Term Loan
USD 250.0 4,474.3 Fixed 5.55% Interest Only Unsecured 17/06/2016
17/06/2023 - USD 75.0 1,342.3 Fixed
5.44% 30/09/2016 17/09/2026
- Metropolitan Life Insurance Company -Term Loan USD
210.0 3,230.5 Fixed 5.38%
Interest Only3 Guaranty Trust, among others4
12/09/2017 01/09/2027 - Total
858.0 15,364.9
Debt Associated with Grupo Frisa
JV6
Lenders Ccy
Initialbalance US$mm
Initialbalance Ps.mm
Interest Type Rate p.a. Amortization3 Security Type4
Commence-ment Date
MaturityDate
ExtendedMaturityDate5
(Fixed/Variable) Metropolitan Life Insurance Company -Term Loan
Ps. 32.7 577.5 Fixed 8.50%
Interest Only Guaranty Trust, among others
06/12/2016 06/12/2023 - Metropolitan Life Insurance
Company -Term Loan Ps. 16.3 288.0 Fixed
7.61% Interest Only Guaranty Trust, among
others 14/03/2014 01/04/2019 - Total
49.1 865.5
1.
Excludes capitalized upfront borrowing costs which are amortized
over the term of the relevant loan. FX: Ps. 17.6443 per USD. 2.
Fixed by a corresponding interest rate swap. Term loan has a
variable interest type calculated at 90 day LIBOR+3.125% p.a.
spread. 3. Interest only subject to compliance with certain debt
covenants. 4. Lenders have recourse only to the properties, cash
flows and other reserves constituted under the facilities, except
under certain limited circumstances in which the lenders have
recourse to FIBRA Macquarie. 5. Extension at FIBRA's option,
subject to meeting certain conditions. 6. Amounts stated represent
FIBRA Macquarie’s proportionate share.
About FIBRA Macquarie
FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real
estate investment trust (fideicomiso de inversión en bienes
raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa
Mexicana de Valores) targeting industrial, retail and office real
estate opportunities in Mexico, with a primary focus on stabilized
income-producing properties. FIBRA Macquarie’s portfolio consists
of 274 industrial properties and 17 retail/office properties,
located in 22 cities across 18 Mexican states as of June 30, 2017.
Nine of the retail/office properties are held through a 50/50 joint
venture with Grupo Frisa. FIBRA Macquarie is managed by Macquarie
México Real Estate Management, S.A. de C.V. which operates within
the Macquarie Infrastructure and Real Assets division of Macquarie
Group. For additional information about FIBRA Macquarie, please
visit www.fibramacquarie.com.
Macquarie Infrastructure and Real Assets (MIRA) pioneered
infrastructure as a new asset class for institutional investors.
For more than 20 years it has been investing in and managing the
assets that people use every day - extending beyond Infrastructure
to Real Estate, Agriculture and Energy. MIRA’s dedicated
operational and financial experts work where MIRA’s funds invest
and the portfolio companies operate. They are part of a global team
which helps clients to see across the regions and deep into local
markets. As of March 31, 2017, MIRA has assets under management of
more than $118 billion.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking,
financial, advisory, investment and funds management services.
Macquarie’s main business focus is making returns by providing a
diversified range of services to clients. Macquarie acts on behalf
of institutional, corporate and retail clients and counterparties
around the world. Founded in 1969, Macquarie operates in more than
70 office locations in 28 countries. Macquarie employs
approximately 13,597 people and has assets under management of more
than $367 billion (as of March 31, 2017).
Cautionary Note Regarding Forward-looking Statements
This release may contain forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. We caution you that a number of important factors
could cause actual results to differ significantly from these
forward-looking statements and we undertake no obligation to update
any forward-looking statements.
None of the entities noted in this document is an authorized
deposit-taking institution for the purposes of the Banking Act 1959
(Commonwealth of Australia). The obligations of these entities do
not represent deposits or other liabilities of Macquarie Bank
Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or
otherwise provide assurance in respect of the obligations of these
entities.
THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE
UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE
UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.
THIS ANNOUNCEMENT IS NOT FOR RELEASE IN ANY MEMBER STATE OF
THE EUROPEAN ECONOMIC AREA.
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version on businesswire.com: http://www.businesswire.com/news/home/20170913006621/en/
FIBRA Macquarie MéxicoInvestor relations:+52 (55)
9178 7763fibramq@macquarie.comorEvelyn Infurna,
+1-203-682-8265evelyn.infurna@icrinc.comorNikki Sacks,
+1-203-682-8263nikki.sacks@icrinc.comorFor press
queries:FleishmanHillard MéxicoAlejandro Sampedro
Llorens, +52 55 5540 6031 ext.
249alejandro.sampedro@fleishman.com
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