Carmila S.A. signed on 17 April 2023 a new secured loan for an amount of EUR 276 million, maturing in 2030 and at a rate of 3-month EURIBOR plus 175 basis points. This new credit line took the form of a mortgage loan contracted by four subsidiaries of Carmila France (Carmila Nice, SAS Carmila Evreux, Carmila Saran and Carmila Coquelles) and is secured by their assets. The LTV ratio of this new financing with respect to the appraisal values of the four assets as of 31 December 2022 is 49.4%.

Following the drawdown of the new loan, Carmila has ca. EUR 680 million of cash on its balance sheet2, covering the repayment at maturity of a bond maturing in September 2023, the outstanding amount of which is EUR 322 million, and partially covering the repayment at maturity of a bond maturing in September 2024, the outstanding amount of which is EUR 539 million. The refinancing of these bond issues, principally through the two bank loans put in place in July 2022 and April 2023, will result in a gradual increase in the average cost of debt of Carmila.

The average cost of debt of Carmila, including the effect of hedging instruments, is estimated at around 3% in 2025.