FIBRA Macquarie México Completes US$210 Million Refinancing

MEXICO CITY--(BUSINESS WIRE)-- FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ) announced the successful completion of its previously communicated US$210 million loan refinancing. The new loan is a 10-year, non-amortizing, non-recourse, secured loan with a fixed interest rate of 5.38 percent. Proceeds were used to fully prepay an approximate US$180 million secured loan due to mature on February 1, 2018. The balance was used to pay down revolver drawings to a current level of US$65 million.

Since 30 June 2016, FIBRAMQ has successfully raised the equivalent of US$1.1 billion of debt, primarily utilized to refinance debt. In doing so, FIBRAMQ has delivered significant benefits, including:

• Extended weighted average tenor of debt outstanding to 6.2 years from 1.4 years resulting in a smoother debt maturity profile
• Increased proportion of fixed-rate funding to 92.8 percent from 73.0 percent
• Established a revolving credit facility with current undrawn availability of US$202.0 million
• Increased and diversified sources of financing from 3 to 13 lenders
• Reduced the proportion of secured debt from 100.0 percent to 28.6 percent

“We are very pleased with the ongoing enhancements we have made to our balance sheet,” said Juan Monroy, FIBRA Macquarie’s chief executive officer. “We have meaningfully improved our capital position, enhanced our flexibility, extended maturities, have a more favorable mix of fixed and unsecured debt, and a wider group of lenders. With these improvements, we are well positioned to continue to execute on our strategic plan.”

FIBRA Macquarie does not have any maturities until April 2019.

Metric		Pre-30 June 2016 Refinance		June 30, 2016		September 30, 2016		September 13, 2017 1
Total debt		US$995m		US$931m		US$908m		US$907m
Average cost of debt (p.a.)		5.1%		5.1%		4.9%		5.3%2
Debt tenor (weighted avg)		1.4 yrs		4.2 yrs		4.8 yrs		6.2 yrs
Total revolver		N/A		US$219m		US$259m		US$267m1
Undrawn revolver		N/A		US$32m		US$161m		US$202m1
Drawn Revolver		N/A		US$187m		US$98m		US$65m
Number of lenders		3		11		13		13
Secured debt (% of total debt)		100.0%		29.8%		25.0%		28.6%
CNBV regulatory LTV		40.2%		39.1%		38.5%		37.0%3
CNBV regulatory DSCR		1.6x		1.4x		1.1x		~4.2x
Fixed Rate		73.0%		57.0%		89.0%		92.8%
US Dollar Denominated Debt		90.0%		90.0%		95.0%		94.6%1
Unencumbered Assets		0.0%		75.4%		80.5%		77.8%

1. FX at 17.6443. Other periods shown using closing FX for such period

2. 90 day Libor at 1.32% and 30 day Libor at 1.24% as of Aug 29, 2017

3. CNBV Regulatory LTV as of June 2017

Please refer to the following table summarizing FIBRA Macquarie’s loans outstanding and drawn revolver commitments as of 13 September 2017.

Debt Associated with Wholly-Owned Properties

Lenders

Ccy

Outstandingbalance US$(in millions)1

Outstandingbalance Ps.(in millions)1

Interest Type(Fixed/Variable)

Rate p.a.

Amortization

Security Type

Commence-ment Date

MaturityDate

ExtendedMaturityDate5

Various Banks through a Credit Facility -Term Loan

USD

258.0

4,617.5

Fixed2

4.33%

Interest Only

Unsecured

17/06/2016

17/06/2020

17/06/2021

Various Banks through a Credit Facility -Revolving Credit Facility

USD

65.0

1,700.2

Variable

30 day LIBOR+2.75%

Interest Only

Unsecured

17/06/2016

17/06/2019

17/06/2020

Ps.

-

-

Variable

TIIE 28+2.45%

Various Insurance Companies through a Note Purchase and Guaranty Agreement -Term Loan

USD

250.0

4,474.3

Fixed

5.55%

Interest Only

Unsecured

17/06/2016

17/06/2023

-

USD

75.0

1,342.3

Fixed

5.44%

30/09/2016

17/09/2026

-

Metropolitan Life Insurance Company -Term Loan

USD

210.0

3,230.5

Fixed

5.38%

Interest Only3

Guaranty Trust, among others4

12/09/2017

01/09/2027

-

Total

858.0

15,364.9

Debt Associated with Grupo Frisa JV6

Lenders

Ccy

Initialbalance US$mm

Initialbalance Ps.mm

Interest Type

Rate p.a.

Amortization3

Security Type4

Commence-ment Date

MaturityDate

ExtendedMaturityDate5

(Fixed/Variable)

Metropolitan Life Insurance Company -Term Loan

Ps.

32.7

577.5

Fixed

8.50%

Interest Only

Guaranty Trust, among others

06/12/2016

06/12/2023

-

Metropolitan Life Insurance Company -Term Loan

Ps.

16.3

288.0

Fixed

7.61%

Interest Only

Guaranty Trust, among others

14/03/2014

01/04/2019

-

Total

49.1

865.5

1. Excludes capitalized upfront borrowing costs which are amortized over the term of the relevant loan. FX: Ps. 17.6443 per USD.

2. Fixed by a corresponding interest rate swap. Term loan has a variable interest type calculated at 90 day LIBOR+3.125% p.a. spread.

3. Interest only subject to compliance with certain debt covenants.

4. Lenders have recourse only to the properties, cash flows and other reserves constituted under the facilities, except under certain limited circumstances in which the lenders have recourse to FIBRA Macquarie.

5. Extension at FIBRA's option, subject to meeting certain conditions.

6. Amounts stated represent FIBRA Macquarie’s proportionate share.

About FIBRA Macquarie

FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie’s portfolio consists of 274 industrial properties and 17 retail/office properties, located in 22 cities across 18 Mexican states as of June 30, 2017. Nine of the retail/office properties are held through a 50/50 joint venture with Grupo Frisa. FIBRA Macquarie is managed by Macquarie México Real Estate Management, S.A. de C.V. which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group. For additional information about FIBRA Macquarie, please visit www.fibramacquarie.com.

Macquarie Infrastructure and Real Assets (MIRA) pioneered infrastructure as a new asset class for institutional investors. For more than 20 years it has been investing in and managing the assets that people use every day - extending beyond Infrastructure to Real Estate, Agriculture and Energy. MIRA’s dedicated operational and financial experts work where MIRA’s funds invest and the portfolio companies operate. They are part of a global team which helps clients to see across the regions and deep into local markets. As of March 31, 2017, MIRA has assets under management of more than $118 billion.

About Macquarie Group

Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 70 office locations in 28 countries. Macquarie employs approximately 13,597 people and has assets under management of more than $367 billion (as of March 31, 2017).

Cautionary Note Regarding Forward-looking Statements

This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements.

None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.

THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.

THIS ANNOUNCEMENT IS NOT FOR RELEASE IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170913006621/en/

FIBRA Macquarie México
Investor relations:
+52 (55) 9178 7763
[email protected]
or
Evelyn Infurna, +1-203-682-8265
[email protected]
or
Nikki Sacks, +1-203-682-8263
[email protected]
or
For press queries:
FleishmanHillard México
Alejandro Sampedro Llorens, +52 55 5540 6031 ext. 249
[email protected]

Source: FIBRA Macquarie México

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