Summit Germany Ltd. repaid debt facilities of about €220 million using proceeds from its recent bond issuance.
The repaid debt includes a €19.5 million loan from Summit Real Estate Holdings Ltd
The U.K.-based German property specialist noted an average annual interest rate of 3.62% on the repaid facilities, compared to 2.00% for the senior fixed-rate notes issued, resulting in estimated interest cost savings of roughly €3.4 million per year.
