DLA Piper has advised a syndicate of banks and insurers, including Natixis CIB, Santander, Crédit Agricole, ING, Deutsche Bank and Banco Pichincha, on the €636 million refinancing of Néstar, an affordable residential rental platform owned by Azora.
The financing agreement has a maturity of five years and is pegged to 3-month Euribor plus a spread of 175 basis points. The principal will be repaid in a single payment on the maturity date and interest will be payable quarterly. The transaction also includes hedging instruments that protect the company against any rate hikes over the next five years.
In the transaction, Natixis CIB Bank acted as Agent, as Sole Global Coordinator and, together with Crèdit Agricole, as Joint Bookrunner. Also included in this financing framework is a green loan for the financing of new acquisitions that meet ESG criteria. Both Natixis CIB and Crèdit Agricole act as Green Loan Co-Coordinators.
Jesús Zapata comments: “We are very pleased to have advised this group of banks in this transaction, in a financing framework that also includes a green loan aimed at financing new acquisitions that meet ESG criteria”.
The DLA Piper team in Spain that advised the syndicate of banks and insurers on this transaction was led by Jesús Zapata, managing partner, together with José Marco, legal director, Felipe López, senior associate, and Santiago González, associate, all from the financing, projects and restructuring department.