Mexico City, April 4th, 2022 – Terrafina (”TERRA”) (BMV: TERRA13), a leading Mexican industrial real estate investment trust (“FIBRA”), externally advised by PGIM Real Estate and dedicated to the acquisition, development, lease and management of industrial real estate properties in Mexico, announced today the refinancing of its 2022 bond’s outstanding US$89 million. The 2022 bond due in November 2022, was prepaid with funds from the sustainability credit facility, which matures in July 2026, carries a lower interest rate (Libor + 230 basis points compared to a fixed rate of 5.25% for the 2022 bond), and improves the overall debt’s maturity profile.
Alberto Chretin, Terrafina’s CEO, commented: “We are determined to continue improving Terrafina’s capital structure which through this anticipated payment, we will decrease our weighted average cost of debt and generate financial expense savings for 2022. We remain committed to maintaining a leverage level in line with our goal of having an LTV ratio at or below 35% by 2023. Furthermore, we will make adequate use of financing options that allow us to maintain a conservative debt profile as we execute our growth plan in the coming years.”
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