Peach Property repays 50 million bond
Peach Property Group has repaid the corporate bond of its German subsidiary Peach Property Group (Deutschland) AG with a nominal amount of EUR 50 million as scheduled.
The repayment of the last outstanding 46.7 million euros was made from operating cash flow. This resulted from the asset management of Peach Property Group in recent years - in particular from the sale of the Gretag site in Regensdorf near Zurich and a commercial property near Düsseldorf, says Peach Property.
The repayment of the bond could thus be made without raising new debt. Accordingly, the balance sheet ratios improve, as the Group's liabilities are significantly reduced while the balance sheet total is reduced at the same time. In addition, financing costs are significantly reduced, writes Peach Property in a media release.
Dr. Marcel Kucher, Chief Financial Officer of Peach Property Group, says: "The repayment of our EUR bond from operationally generated funds represents a milestone in the development of our company. It increases the equity ratio considerably once again."
The 6.6% bond was issued in July 2011 and was listed in the Entry Standard of the Frankfurt Stock Exchange. The Peach Property Group AG share and the hybrid bond are listed on the SIX Swiss Exchange. (ah)
