Refinancing completed
Savills refinances US$350m bridge facility for Eastdil Secured acquisition with fixed-rate private placement notes.
vs expectations: in line with expectations of between 5.5% and 6.0%
- New unsecured fixed rate notes issued US$350 million
- Bridge facility drawn for refinancing US$350 million
- Original bridge facility US$800 million
- US dollar-denominated term bank loan US$450 million
- All-in pricing for refinanced bridge 5.7%
- Expected net debt to EBITDA ratio at end of 2027 c. 1.0 times
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Savills plc (Savills or the Group) announces it has agreed to issue US$350 million of new unsecured fixed rate US private placement notes. The US dollar-denominated notes, which cover three, five, seven and 10-year maturities, were placed with six institutional investors, including three new lenders to Savills, and have identical financial covenants to the Group’s other unsecured debt.
Subject to contract, the funds will be drawn on 2 December 2026 to repay the remaining US$350m drawn under the US$800m bridge facility entered into in March 2026 to fund the acquisition of Eastdil Secured and related transaction costs. NatWest and Lloyds acted as Joint Placement Agents on the new issue.
Nick Sanderson, Group CFO of Savills, commented: “We are pleased with the considerable investor appetite shown for this issue, the second time Savills has accessed the US private placement market. When combined with our US$450m three-year term bank loan, the bridge financing facility has now been fully refinanced at a current all-in pricing of 5.7% (in line with our expectations of between 5.5% and 6.0%). We remain focused on our strong cash generation and expect the net debt to EBITDA ratio to be c. 1.0 times at the end of 2027.”
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.