NSI agrees € 350 million sustainability-linked syndicated loan facility
NSI N.V. has amended and extended its Revolving Credit Facility ('RCF') and Term Loan ('TL') with ABN AMRO, Belfius, ING and Rabobank. The amount of the facility remains unchanged at €300 million for the Revolving Credit Facility (of which €70 million is currently drawn) and €50 million for the Term Loan. In the amended agreement the maturity is set for a new 5-year term to June 2030, with two extension options, to, ultimately, June 2032. The agreement also includes a renewed sustainability-linked interest margin mechanism.
The renewed sustainability-linked mechanism, through which the interest margin will be adjusted, is based on our performance on four indicators: the weighted BREEAM label score, Energy Intensity (based on CRREM, measured in kWh/m2/year), solar panel capacity, and the company’s GRESB rating. These indicators are in-line with our sustainability leadership position and hold us accountable to deliver on important targets.
As a result of this refinancing, NSI’s average debt maturity increases to 4.2 years up from 3.2 years as per Q1 2025 and the average cost of debt remains stable. NSI’s financing also remains fully unsecured. With an LTV at the end of March of 32.8%, 230 million undrawn RCF and 83% of the interest costs fixed or hedged, NSI has a solid balance sheet to support its strategy and planned development pipeline in the upcoming years.
Elke Snijder, CFO: "We are very content with this refinancing, as it reflects our belief that financial discipline and sustainability go hand in hand. We have secured long-term funding on solid terms, while holding ourselves accountable to clear ESG targets. This enables us to further strengthen our sustainability leadership while maintaining our ability to grow profitably.”
NSI was advised by ABN AMRO as Coordinator and Documentation Agent, Rabobank as Sustainability Coordinator and NautaDutilh as Legal Advisor.