Property group concludes £475m refinancing deal
Birmingham-based property group, St. Modwen has concluded a major new refinancing deal.
The deal gives the Longbridge company a £475m unsecured revolving credit facility with an initial maturity of five years, which can be extended to a maximum of seven years, subject to lender consent.
The unsecured RCF replaces £488m of current bilateral secured debt facilities.
The group said it was pleased with the deal as it offered a reduced cost of debt and improved operational flexibility, in line with the company’s strategic goal... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
