VIA Outlets raises €600 million in its inaugural green bond issuance

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8 November, 2021 – VIA Outlets – leading owner-operator in redefining the outlet shopping experience with a portfolio of eleven premium outlet centres in nine European countries – has successfully placed the issuance of €600 million senior unsecured fixed rate green bonds due 2028. The issuance was 6x times oversubscribed attracting 190 orders from institutional investors for €3.6bn. The bonds have a 7-year maturity and an annual coupon of 1.75%.

This is the first ‘green bond’ ever issued by an outlet owner-operator in Europe. The proceeds will be allocated to repay the majority of outstanding debt and to allow the company to execute its growth strategy in the coming years. In parallel to the bonds, a €100m revolving credit facility was arranged with a set of relationship banks.

Peter Stals, Chief Financial Officer at VIA Outlets, commented: "The level of oversubscription we received underlines investors’ recognition of the strength of our business and the importance they rightly place on sustainable investment. The issuance significantly improves our financing and maturity profile, diversifies our funding base and reduces our average nominal financing costs by more than 50 basis points to below 1.70%."

Otto Ambagtsheer, Chief Executive Officer at VIA Outlets, added: “A key milestone for VIA Outlets, this initiative will enable us to continue our work to redefine the outlet shopping experience and be instrumental in further driving our 3 R’s growth strategy of remodelling, remerchandising and remarketing. At the same time, it also allows us to future-proof our centres from a digital and sustainability point of view as part of our recently launched sustainability strategy ‘Beyond Sustainable’.”

The Notes will have a Euronext Dublin (Global Exchange Market) listing under ISIN XS2407027031 / 240702703. BNP Paribas and ING acted as Joint Global Coordinators and Active Bookrunners and SMBC Nikko acted as Joint Bookrunner.

VIA Outlets is rated BBB+ with a stable outlook by Fitch, with a rating of the Notes in line with the Corporate rating.

There will be no public offering of the bonds from the issuance. The bonds are being offered and sold in offshore transactions outside the United States in compliance with Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The bonds may not be offered, sold or delivered within the United States (as defined in Regulation S under the U.S. Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act.