CPI Property Group used €305m from the proceeds of its recent €600m bond issue to pay off its debt. CPI repaid approximately €250m of senior bank debt and purchased approximately €55m of its local bond debt. As part of the process, CPI also renegotiated and improved margins on much of its senior bank financing. The company plans to continue repaying both senior and unsecured financing as well as substantially decrease the costs associated with its financing. Martin Němeček, CEO and managing director of CPI PG, said that the company has successfully established a third pillar of its financing. “CPI PG now has diverse sources of funding,” he said, adding that the company will continue its activities on international capital markets.
