Refinancing risk. At maturity of the Group’s debts, the Group will be required to refinance such debt. The Group’s ability to successfully refinance such debt is dependent on the conditions of the financial markets in general at such time. As a result, there is a risk that the Group’s access to financing sources at a particular time may not be available on favourable terms, or available at all. The Group will also, in connection with a refinancing of its debts, be exposed to interest risks on interest bearing current and non-current liabilities. Changes in interest rates on the Group’s liabilities will affect the Group’s cash flow and liquidity, hence may adversely affect the Group's financial conditions and the equity returns. The Group’s inability to refinance its debt obligations on favourable terms, or at all, could have a material adverse effect on the Group’s business, financial condition and results of operations. The Bonds have a maturity of 3.7 years as from the issue date.
Refinancing risk. In order to bridge short-term liquidity shortfalls, in accordance with the provisions of Annex B, "AIF summary", the AIF may take out loans, such that a mitigation of refinancing risk is possible (albeit not guaranteed).
Refinancing risk. At maturity of the Group’s debts, the Group will be required to refinance such debt. The Group’s ability to successfully refinance such debt is dependent on the conditions of the financial markets in general at such time as well as the operating income from the Properties and therefore also on the vacancy level in the property market. As a result, there is a risk that the Group’s access to financing sources at a particular time may not be available on favourable terms, or available at all. The Group will also, in connection with a refinancing of its debts, be exposed to interest risks on interest bearing current and non-current liabilities. Changes in interest rates on the Group’s liabilities will affect the Group’s cash flow and liquidity, hence may adversely affect the Group's financial conditions and the equity returns. The Group’s inability to refinance its debt obligations on favourable terms, or at all, could have a material adverse effect on the Group’s business, financial condition and results of operations.
Refinancing risk. If your financing plan contemplates refinancing some or all the CABs at maturity, market conditions or changes in law may limit or prevent you from refinancing those CABs when required. Further, limitations in the federal tax rules on advance refunding of bonds (an advance refunding of bonds occurs when tax-exempt bonds are refunded more than 90 days prior to the date on which those bonds may be retired) may restrict your ability to refund the CABs to take advantage of lower interest rates.
