KKIG Holding has issued public bonds

Berner Group has completed a US$23.4 million private credit financing

Berner Group has successfully closed a US$23.4 million secured private credit facility to fund the repositioning of a former rehabilitation clinic into a student housing scheme in the Rhine-Main region of Germany. The financing was provided by a private debt fund, and structured across three tranches to address the specific requirements of the transaction, including the refinancing of existing bank facilities, funding of capital expenditure and operating costs during lease-up and a conditional tranche linked to the completion of fire safety and remediation works. The deal was structured with a comprehensive security package comprising a first-ranking land charge, share pledge and subordination agreements with existing lenders. Approximately 1% cash equity was contributed by the sponsor, reflecting the strength of the underlying asset and business plan.