NSI agrees € 300 million sustainability-linked RCF

NSI N.V. has amended and extended its revolving credit facility with ABN Amro, ING, Rabobank and Belfius. In the amended agreement the RCF’s maturity is set for a new 5-year term and now also includes a sustainability-linked interest margin mechanism. 

The amount of the facility remains unchanged at €300 million while the maturity has been extended to December 2026 with an option to extend twice by one year to, ultimately, December 2028. This provides ample flexibility for the execution of our development program .

Furthermore, the new agreement includes a sustainability-linked mechanism through which the interest margin will be adjusted, based on our performance on four indicators: the percentage of buildings labelled at least BREEAM “Very good”, the percentage of buildings with EPC A Energy labels, sustainable investments as a percentage of capex, and the company’s GRESB rating.  

With this extension NSI’s average debt maturity increases to 5.1 years up from 4.7 years as per Q3 2021 and cost of debt remains stable at 2%. With an LTV at the end of September of 32.6% 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 years to come.  

Alianne de Jong, CFO: "The inclusion of this framework cements NSI’s strategy to fully integrate sustainability into all aspects of its business and operations. We believe this is critical as the financial performance and long-term viability of assets and businesses become increasingly correlated to their sustainability. " 

NSI was advised by ABN Amro as sustainability coordinator and documentation agent and NautaDutilh as legal advisor.