CPI Group has placed CZK 250,000m worth of project bonds on the market in an issuance arranged by Raiffeisen Bank. The money raised through the bond issuance will go to the refinancing of a portfolio of supermarkets CPI purchased at the beginning of October. The bonds, worth CZK 279m, were issued by CPI Alfa, a CPI subsidiary. The bonds carry a coupon rate of 5.50 percent, with interest payable quarterly, and are due for redemption in 2017.
“The project bond emission is exceptional on the property market. The bonds are secured by a portfolio of supermarkets CPI Group acquired in mid-October,” said one of the managers of CPI Group Jiří Dedera. “The portfolio of nine supermarkets is worth CZK 370m and the length of the leases exceeds the maturity term of the bonds.” The bond issue was underwritten in one day, with much of them sold to clients of the private banking house Friedrich Wilhelm Raiffeisen.
