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Centre Parcs, the UK holiday operator, is partially refinancing its debt with a £590m CMBS.
The issue, CPUK Finance, is in two tranches of senior A notes: a five year, £350m piece carries a coupon of 2.667%, 135bps over the benchmark gilt while £140m of 10-year bonds are priced at spread of 165bps, a coupon of 3.588%.
After hitting a snag in March, logging no change, the US CMBS delinquency rate managed just a single basis point improvement in April.
It’s a sign that the significant rate drops of 2014 are behind the market and that further drops will rely on new issuance, according to data and research firm Trepp.
Royal Bank of Scotland has delayed its £170m five-year Antares 2015-1 CMBS because of poor market response.
The CMBS is the securitisation of a single loan to refinance Kennedy Wilson’s Jupiter portfolio of 17 UK office and retail assets.
The court case seeking clarification about apportioning recoveries from the heavily defaulted £850m Gemini CMBS appears finely balanced, according to court observers.
After a day-and-a-half of argument in front Mr Justice Henderson at the London High Court last week, no party left proceedings confident of victory.
Bondholders have consented to a restructuring of £1.5bn of debt secured by a 35 –strong portfolio of General Healthcare Group's UK private hospitals. This brings to a close nearly two years of negotiations among borrowers, bondholders and lenders to refinance its loans.
The new structure involves group of junior bondholders injecting £175m and taking control of the assets. Senior lenders will be partially repaid; amoritisation is increased and the interest rate on senior and one junior tranche is being increased. A long-dated interest rate swap – whose mark-to-market value is currently around £675m – is being partially crystallised and replaced by new hedging arrangements.
During its first full year as a CMBS originator, investment and advisory firm Greystone completed $700m of loans in 2014.
This year, the firm plans to surpass the $1bn mark, head of Greystone's CMBS production group, Robert Russell, told Real Estate Capital.
Bank of America Merrill Lynch has priced its €445m Taurus 2015-2 CMBS at a blended coupon of 198.25 bps.
The issue was well-received by investors; the €153m Class A notes, which offer 90bps over Euribor, were 2.2 times subscribed.
A number of Washington, D.C.-area CMBS loans are slipping into special servicing, reflecting a slowing D.C. office market marked by increasing office vacancies.
Most recently, a $46.4m loan tied to the adjacent Willowwood I and II office buildings at Eaton Place in Fairfax, Virginia was sent off to the special servicer this week after a string of missed payments.
US CMBS defaults fell to their lowest level since 2008 last year, marking a six-year low
Bank of America Merrill Lynch has launched the €455m five-year Taurus 2015-2 DEU CMBS secured by a single loan on IVG Immobilien’s The Squaire property at Frankfurt Airport. The six-tranche CMBS refinancing loan includes a 7.1% debt yield and matures in January 2020 with a six year tail period. The loan-to-value is 72.2% based on […]