INEA refinances €160M of debt and extends average maturity to 4 years
The regional office property company presented a refinancing operation covering nearly €160M, representing 25% of its bank debt, underwritten at the end of July with eight lenders.
The operation extends the average maturity of debt and occurs as the company maintains unchanged debt levels since June 30, 2026.
Three new credit facilities to cover 2026 and 2027 maturities
INEA announced that it refinanced its 2026 and 2027 debt maturities at the end of July through three new bank credit facilities. On July 23, a €40M mortgage loan over 7 years was signed with Bpifrance, allowing the reconstitution of an amortizable debt base following the maturity of the property company's historical mortgage loans.
On July 30, a €48M Sustainability Linked Loan (SLL) over 5 years, repayable at maturity, was arranged by Société Générale and Banque Européenne du Crédit Mutuel. On July 31, a €70M SLL over 7 years (with two one-year extension options), repayable at maturity, was arranged by LCL and brings together five lenders.
The funds raised were used to prepay a €38M credit raised in 2019 from Banque Européenne du Crédit Mutuel maturing in October 2026, as well as a €105M SLL raised in 2020 maturing in July 2027.
Average maturity increased to 4.0 years and 67% of debt hedged
According to the company, debt outstanding remains unchanged since the June 30, 2026 closing at €602M, while average maturity increases to 4.0 years, compared with 2.6 years at June 30, 2026. The subscription of part of this new debt at fixed rate brings the level of hedged debt to 67%, compared with 60% at June 30, 2026.
The two SLLs include ESG commitments aligned with the property company's 2026-2030 CSR roadmap, covering the deployment pace of photovoltaic power plants and an action plan for biodiversity protection. INEA states that 85% of its debt is subject to ESG commitments allowing margin gains upon achievement of objectives.
Philippe Rosio, Chief Executive Officer, stated that the operation, combined with ongoing disposals, allows the company to focus on its two operational objectives: improving the occupancy rate and reducing the LTV. The next scheduled financial calendar publication is third-quarter 2026 revenue on October 14.
