UBS Switzerland AG, Credit Suisse (Switzerland) Ltd. and Zürcher Kantonalbank arrange refinancing for Swiss Prime Site
Niederer Kraft Frey, acting through two separate teams, advised UBS Switzerland AG and Credit Suisse (Switzerland) Ltd. on the one hand and Zürcher Kantonalbank and further cantonal banks on the other hand, on the landmark refinancing of Swiss Prime Site’s existing bank mortgages. The refinancing was accomplished through a complex arrangement whereby Swiss Prime Site entered into two parallel unsecured ESG-linked credit facilities agreements with an aggregate value of CHF 2.6 billion. This refinancing increases the proportion of unencumbered properties in Swiss Prime Site’s portfolio from just under 30% to more than 80% and will ensure that the vast majority of its debt providers are on equal footing.
Swiss Prime Site is Switzerland’s leading listed real estate company. Its core business covers the entire real estate life cycle – from acquisition, project development, conversion and realisation to management and letting. The Swiss Prime Site Group comprises Swiss Prime Site Immobilien, Swiss Prime Site Solutions, Wincasa and Jelmoli.
The NKF team advising UBS Switzerland AG and Credit Suisse (Switzerland) Ltd. was led by M&A/Finance partners Till Spillmann and Philip Spoerlé, working with junior associate Angela von Ballmoos (M&A/Finance) as well as with partner Markus Kronauer (Tax).
The NKF team advising Zürcher Kantonalbank was led by M&A/Finance partner Adrian Koller, working with junior associate Selim Lötscher (M&A/Finance) as well as with partner Markus Kronauer (Tax).