MRM secures a 6-month maturity extension of its main bank loans
June 22 2020 - 11:45AM
MRM secures a 6-month maturity extension of its main bank loans
Press release
MRM secures a 6-month maturity extension of its
main bank loans
Paris, 22 June 2020
MRM (Euronext code ISIN FR0000060196), a real
estate investment company specialising in retail property,
announces that it has reached an agreement with its main bank
partner for a six-month extension on two loans:
- A €54.7 million credit facility initially maturing on 22
December 2021, which has been extended until 22 June 2022;
- A €7.2 million credit facility initially maturing on 20
December 2022, which has been extended until 20 June 2023.
Furthermore, as part of this agreement,
contractual amortisation payments scheduled for the second and
third quarters of 2020 and representing a total of €1.2 million
have been postponed until the last two quarters prior the new
maturity of each of the two loans.
This agreement, which concerns 80% of total
outstanding bank debt to date, strengthens the Group’s liquidity
under the current exceptional circumstances of the COVID-19
pandemic. As a result of this agreement, MRM has no debt repayments
falling due during the next two years (until June 2022).
MRM states that given the scale of the economic
impact of the lockdown on its tenants’ business activity, it has –
in accordance with the recommendations of the Conseil National des
Centres Commerciaux in particular – suspended recovery of rents and
service charges for April and May 2020 for all retailers forced to
stop trading during the lockdown, representing close to 75% in
terms of gross annualised rents as at 1 January 2020.
MRM also states that it has set up a committee
in charge of assessing the conditions and criteria for the recovery
or writing off, in whole or in part, of suspended rents and charges
and of reviewing, on a case-by-case basis, the situation of
tenants’ whose business, while not interrupted, have been severely
affected during the lockdown.
Since the end of the lockdown, MRM is closely
monitoring the business activity of its tenants’ retail stores and,
if necessary, will take appropriate support measures.
Calendar
The Combined General Meeting will be held behind
closed doors at 10.00 a.m. on 26 June 2020.
Revenues for the second quarter and 2020
half-year results are due out on 29 July 2020 before market
opening.
About MRM
MRM is a listed real estate investment company
that owns and manages a portfolio of retail properties across
several regions of France. Its majority shareholder is SCOR SE,
which owns 59.9% of share capital. MRM is listed in Compartment C
of Euronext Paris (ISIN: FR0000060196 - Bloomberg code: MRM:FP –
Reuters code: MRM.PA). MRM opted for SIIC status on 1 January
2008.
For more information:
MRM5, avenue Kléber75795 Paris Cedex 16FranceT +33
(0)1 58 44 70 00 relation_finances@mrminvest.com |
Isabelle Laurent,
OPRG FinancialT +33 (0)1 53 32 61 51M +33 (0)6 42
37 54 17isabelle.laurent@oprgfinancial.fr
|
Website: www.mrminvest.com
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