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Financing

Sound financial structure

Gecina has a sound financial structure: effectively controlled financial ratios, excellent access to various sources of financing, diversification of financial resources and significant liquid assets.

 

Debt structure

 

At December 31, 2018, Gecina's net debt represented 7.4 billion euros.

Breakdown of gross nominal debt at December 31, 2018:

 

 

The Group secures financing through various markets:

- Bond market
- Bank market, with a diversified pool of top-tier banks
- Money market, with commercial paper issues

At December 31, 2018, Gecina had €4,287 million in available liquidity, of which €4,255 million in unused credit lines and €32 million in cash, easily covering all credit maturities for the next two years.

 

Debt maturity

 

Taking into account unused credit lines, all the Group’s short-term maturities are covered.

 

 

Covenants

 

At December 31,2018 the Group's main covenants were as follows: 

 

  Benchmark standard Balance at 12/31/2018 
LTV
Net debt/revalued block value of property holding (excluding duties)
Maximum 55 % / 60% 38.4 %
ICR
EBITDA (excluding disposals)/net financial expenses
Minimum 2.0 x 5.47x
 

 

Latest financial transactions

Credit rating

Gecina is assessed by two rating agencies, Standard & Poor's and Moody's. The ratings by these independent agencies are intended to make it easier for lenders to assess the inherent risk involved with the Group's debt, enabling easier access to the financial markets.

 

  Standard & Poor's rating Moody's rating
Long-term rating
Short-term rating
A- (outlook stable)
A-2
A3 (outlook stable)
 

 

 

Medium and long-term debt

Details of the Group's long term bond issues

 

Type of issue Code ISIN Issue date Maturity date Initial term Amount issued Oustanding amount Coupon
Bond FR0011233337 Apr 11, 2012 Apr 11, 2019 7 years

 €650,000,000

€439,700,000 4.75%
Bond FR0012059202 Jul 30, 2014 Jul 30, 2021 7 years  €500,000,000 €236,100,000 1.75%
Bond FR0013266343 Jun 30, 2017 Jun 30, 2022 5 years €500,000,000 €500,000,000 Euribor 3 months + 38bp
Bond FR0011502814 May 30, 2013 May 30, 2023 10 years  €300,000,000 €242,600,000 2.875%
Bond FR0012790327 Jun 17, 2015 Jun 17, 2024 9 years  €500,000,000 €500,000,000 2.00%
Bond FR0012448025 Jan 20, 2015 Jan 20, 2025 10 years  €500,000,000 €500,000,000 1.50%
Bond FR0013266350 Jun 30, 2017 Jun 30, 2027 10 years €500,000,000 €500,000,000 1.375%
Bond FR0013284205 Sep 26, 2017 Jan 26, 2028 10.3 years €700,000,000 €700,000,000 1.375%
Bond FR0013205069 Sep 30, 2016 Jan 30, 2029 12.3 years €500,000,000 €500,000,000 1.00%
Bond FR0013322989 March 14, 2018 March 14, 2030 12 years €500,000,000 €500,000,000 1.625%
Bond FR0013266368 Jun 30, 2017 Jun 30, 2032 15 years €500,000,000 €500,000,000 2.00%

Base prospectus and supplements

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Short-term debt

Gecina mainly resorts to commercial papers for short term financing through the Negotiable European Commercial Paper program (NEU CP), the limit of which was raised to €2 bn on June 15, 2018.

The Group’s average short-term resources represented 1,886 million euros on 2018.

Eurosic / Foncière de Paris bond 2018 GM