Centre Parcs, the UK holiday operator, is partially refinancing its debt with a £590m CMBS. The issue, CPUK Finance, is in two tranches of senior A notes: a five year, £350m piece carries a coupon of 2.667%, 135bps over the benchmark gilt while £140m of 10-year bonds are priced at spread of 165bps, a coupon of 3.588%.
2 min read · 27 May 2015
After hitting a snag in March, logging no change, the US CMBS delinquency rate managed just a single basis point improvement in April. It’s a sign that the significant rate drops of 2014 are behind the market and that further drops will rely on new issuance, according to data and research firm Trepp.
2 min read · 06 May 2015
Royal Bank of Scotland has delayed its £170m five-year Antares 2015-1 CMBS because of poor market response. The CMBS is the securitisation of a single loan to refinance Kennedy Wilson’s Jupiter portfolio of 17 UK office and retail assets.
2 min read · 30 April 2015
The court case seeking clarification about apportioning recoveries from the heavily defaulted £850m Gemini CMBS appears finely balanced, according to court observers. After a day-and-a-half of argument in front Mr Justice Henderson at the London High Court last week, no party left proceedings confident of victory.
2 min read · 29 April 2015
Bondholders have consented to a restructuring of £1.5bn of debt secured by a 35 –strong portfolio of General Healthcare Group’s UK private hospitals. This brings to a close nearly two years of negotiations among borrowers, bondholders and lenders to refinance its loans. The new structure involves group of junior bondholders injecting £175m and taking control of the assets. Senior lenders will be partially repaid; amoritisation is increased and the interest rate on senior and one junior tranche is being increased. A long-dated interest rate swap – whose mark-to-market value is currently around £675m – is being partially crystallised and replaced by new hedging arrangements.
3 min read · 27 April 2015
During its first full year as a CMBS originator, investment and advisory firm Greystone completed $700m of loans in 2014. This year, the firm plans to surpass the $1bn mark, head of Greystone’s CMBS production group, Robert Russell, told Real Estate Capital.
2 min read · 23 April 2015
Bank of America Merrill Lynch has priced its €445m Taurus 2015-2 CMBS at a blended coupon of 198.25 bps. The issue was well-received by investors; the €153m Class A notes, which offer 90bps over Euribor, were 2.2 times subscribed.
1 min read · 23 April 2015
A number of Washington, D.C.-area CMBS loans are slipping into special servicing, reflecting a slowing D.C. office market marked by increasing office vacancies. Most recently, a $46.4m loan tied to the adjacent Willowwood I and II office buildings at Eaton Place in Fairfax, Virginia was sent off to the special servicer this week after a string of missed payments.
2 min read · 22 April 2015
US CMBS defaults fell to their lowest level since 2008 last year, marking a six-year low
1 min read · 15 April 2015
Bank of America Merrill Lynch has launched the €455m five-year Taurus 2015-2 DEU CMBS secured by a single loan on IVG Immobilien’s The Squaire property at Frankfurt Airport. The six-tranche CMBS refinancing loan includes a 7.1% debt yield and matures in January 2020 with a six year tail period. The loan-to-value is 72.2% based on […]
1 min read · 15 April 2015
