CBRE Pan European Core Fund's €3 Billion Medium Term Notes Rated 'BBB+' - S&P Global Ratings’ Credit Research

CBRE Pan European Core Fund's €3 Billion Medium Term Notes Rated 'BBB+'

CBRE Pan European Core Fund's €3 Billion Medium Term Notes Rated 'BBB+' - S&P Global Ratings’ Credit Research
CBRE Pan European Core Fund's €3 Billion Medium Term Notes Rated 'BBB+'
Published Mar 21, 2024
3 pages (1480 words) — Published Mar 21, 2024
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

LONDON (S&P Global Ratings) March 21, 2024--S&P Global Ratings today assigned its 'BBB+' issue rating to CBRE Pan European Core Fund's (PEC)'s €3 billion Medium Term Note program. The proceeds from the issuance will be used to refinance the currently drawn amounts under PEC's existing €750 million secured revolving credit facility (RCF) due in September 2028 (with two one-year extensions) and to finance future acquisitions. As of Dec. 31, 2023, the utilization under the RCF was €308 million, alongside the €500 million senior unsecured notes due in January 2027 (rated 'BBB+'), €500 million senior unsecured notes due in October 2029 (rated 'BBB+'), and €138 million of other secured debt (not rated). The weighted average debt maturity of PEC's debt portfolio

  
Brief Excerpt:

...(Editor's Note: On March 25, 2024, we republished this article to remove the reference to the maturity date to improve the clarity as it referred to the first bond issue, not to the program. A corrected version follows.)...

  
Report Type:

Ratings Action

Issuer
CBRE Pan European Core Fund
Sector
Global Issuers, Structured Finance
Country
Luxembourg
Region
Europe, Middle East, Africa
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "CBRE Pan European Core Fund's €3 Billion Medium Term Notes Rated 'BBB+'" Mar 21, 2024. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/CBRE-Pan-European-Core-Fund-s-3-Billion-Medium-Term-Notes-Rated-BBB-3143293>
  
APA:
S&P Global Ratings’ Credit Research. (). CBRE Pan European Core Fund's €3 Billion Medium Term Notes Rated 'BBB+' Mar 21, 2024. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/CBRE-Pan-European-Core-Fund-s-3-Billion-Medium-Term-Notes-Rated-BBB-3143293>
  
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