Financing
Rating and activity
The rating agencies Standard & Poor’s and Fitch have given Klépierre the following ratings:
| Senior unsecured debt (Long term) | Short term debt | |
|---|---|---|
Standard & Poor's |
BBB+ (positive outlook) |
A2 |
Fitch |
A- (stable outlook) |
F1 |
The key objective of Klépierre’s financing policy is to ensure that the Group always has the financial resources needed to fund its development.
Accordingly, Klépierre strives to maintain a balanced financial structure that is framed by the following ratios:
| 12/31/2023 | Contractual limit | |
|---|---|---|
Loan to Value |
38.0% |
Less or equal to 60% |
EBITDA/Net interest expense |
8.4x |
More or equal to 2.0x |
Klépierre also diversifies its sources of financing using: bank lending in various formats (syndicated, bilateral loans, etc.); the bond market; commercial paper to meet short-term financing needs.
Bond issues
The bond market enables Klépierre to diversify the sources and maturities of its financing.
EUROBOND ISSUES LISTED ON THE PARIS STOCK EXCHANGE (EMTN)
| Due date | Issue date | Currency | Outstanding nominal | Coupon | ISIN Code | Prospectus |
|---|---|---|---|---|---|---|
10/22/2025 |
10/22/2015 |
EUR |
255,000,000 |
2.125% |
FR0013030038 |
|
02/19/2026 |
02/19/2016 |
EUR |
500,000,000 |
1.875% |
FR0013121753 |
|
02/16/2027 |
02/16/2017, 02/27/2017 |
EUR |
600,000,000 |
1.375% |
FR0013238045 |
|
05/21/2027 |
05/21/2012 |
EUR |
50,000,000 |
4.23% |
FR0011255280 |
|
05/12/2029 |
05/12/2020, 06/14/2023 |
EUR |
700,000,000 |
2.00% |
FR0013512233 |
|
07/01/2030 |
07/01/2019, 06/26/2023, 07/13/2023 |
EUR |
700,000,000 |
0.625% |
FR0013430741 |
|
02/17/2031 |
11/17/2020 |
EUR |
700,000,000 |
0,875 % |
FR0014000KT3 |
|
09/29/2031 |
09/29/2016 |
EUR |
600,000,000 |
1.250% |
FR0013203825 |
|
12/13/2032 |
12/11/2017, 05/06/2020, 06/16/2020, 09/20/2023 |
EUR |
750,000,000 |
1.625% |
FR0013300605 |
|
09/23/2033 |
02/23/2024 |
EUR |
600,000,000 |
3.875 % |
FR001400NDQ2 |
EMTN Prospectus
Green Financing
Commercial Papers (NEU CP)
Klépierre has a Negotiable European Commercial Paper (NEU CP) program of EUR 1,500 million, entirely covered by unused credit lines allowing immediate refinancing in case of difficulties in issuances.
The program is rated A-2 by the rating agency Standard & Poor’s and F1 by Fitch.
It boasts a European label STEP
(Short-Term European Paper. For more information, see www.stepmarket.org).
Detailed features of the program can be found in the financial documentation : NEU CP.pdf