NSI secures new €40m 10-year funding through MetLife IM

Dutch investment firm NSI said on Thursday that it has agreed to issue €40 mln of 10-year unsecured notes to clients of MetLife Investment Management (MIM).

The notes are Euro denominated and have a fixed coupon of 1.6%.

As a result of this issue, NSI said that it has extended its average debt maturity from 5.4 years at the end of December 2019 to 5.6 years at the end of March 2020. The average cost of debt will remain flat at 2.0%.

The deal is in line with NSI’s treasury strategy to diversify and lengthen its debt maturities and to further diversify its investor base, the company said.
In a previous statement on the impact of coronavirus on its activities, NSI said it has around €280 mln of cash and committed undrawn credit lines available for the business.

‘We have no major loan maturities until 2023,’ it noted.

The company will be paying the earlier communicated final dividend of €1.12 per share later this year.

‘At NSI we have used the last three years to turn the business around and, as such, we are well-prepared to face the uncertain and undoubtedly challenging period ahead. The assets are in the right locations and are operationally performing well, the balance sheet is strong and a highly valuable asset in the period ahead and we have the team that can genuinely make a difference.’ Commented CEO Bernd Stahli.


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