Belgium: Cofinimmo extends long-term commercial paper programme

Jacques van Rijckevorsel, chairman of the board, and Jean-Pierre Hanin, chief executive

Belgian real estate company Cofinimmo is to increase its long-term commercial paper programme from €800m (US$870m) to €950m as it intends to issue more commercial paper with a maturity longer than one year.

The group explained that its current €800m commercial paper programme almost completely used.

In a statement, it said that the outstanding amount of short-term commercial paper amounts to €706million, while the outstanding amount of long-term commercial paper – which has an average initial term of 8.5 years – only accounts for €74m.

The additional €150m to the commercial paper programme will be reserved for long-term issues.

Belfius Bank and ING Bank coordinate the long-term commercial paper issues for Cofinimmo, while Belfius Bank, BNP Paribas Fortis, BRED Banque Populaire, ING Bank, KBC Bank and Société Générale handle the short-term commercial paper.