Kinland extends NOK 2 billion in term loans, including new drawn and undrawn debt, supported by indicative Investment Grade credit rating
Oslo, 20 December 2023
Kinland AS (“Kinland”), supported by PATRIZIA Infrastructure, is pleased to announce the successful amendment and extension of senior bank term facilities totalling NOK 2 billion from a consortium of leading European banks and institutional infrastructure debt investors. The amendment and extension process was supported by an indicative credit rating exercise, which resulted in an Investment Grade rating for Kinland’s debt, and includes new drawn and undrawn debt commitments in support of Kinland’s further growth ambitions. Moreover, the debt extension ensures maturity alignment with NOK 1.9 billion of existing longer-maturity senior institutional debt facilities carrying fixed-rate coupons viewed as highly competitive in today’s interest rate environment.
“Extending Kinland’s existing debt financing arrangements coupled with new drawn debt, growth CAPEX commitments, and maintaining longer-dated facilities with favourable fixed-rate interest, is a re-confirmation of the support and trust shown by our existing lenders. The new CAPEX financing will help Kinland continue to grow our Nordic social infrastructure asset base” said Teodor Coucheron-Gautier Teigen, CFO of Kinland.
Kinland was advised by Rothschild & Co (financial), Latham & Watkins LLP (UK legal) and Deloitte (Nordic legal).
Kinland
Kinland is a social infrastructure company providing high-quality properties for government-backed care services. The company owns 351 properties, providing a safe and quality environment needed for the care of more than 28,000 people across the Nordic region and continental Europe.
Our properties have during recent years played an important role in developing the preschool and care sectors through improved capacity, quality, and cost-efficiency. We view social infrastructure properties as a cornerstone of the welfare systems in the countries in which we operate, promoting work participation, gender equality, equal opportunities, and integration. Through our long-term institutional and pension fund owners, we aim to be a solid and reliable partner to our tenants and the end-users of our properties.
For more information:
Kinland
Teodor Coucheron-Gautier Teigen, CFO
Telephone: +47 924 09 742, e-mail: teodor.teigen@kinlandgroup.com
Benjamin Thorsen, CEO
Telephone: +47 480 16 142, e-mail: benjamin.thorsen@kinlandgroup.com
www.kinlandgroup.com
PATRIZIA Infrastructure
Graham Matthews, CEO Infrastructure
Telephone +44 207 183 6120, e-mail: graham.matthews@patrizia.ag