Grainger agrees new debt

By David Doyle

Grainger, the UK’s largest listed residential landlord, has agreed two new loan facilities totalling £615m.

The forward start credit facilities have been provided so that Grainger can refinance existing loans when they expire.

The first facility is a £250m committed term loan available in June 2010 to coincide with the expiry of a £400m credit facility.

A £475m loan that matures in June 2011 will be refinanced with a new £365m loan.

Grainger has also reduced the size of the 2010 and 2011 facilities to £250m and £445m respectively.

Both of the new facilities will expire in December 2012.

Andrew Cunningham, Grainger’s finance director and acting chief executive said: “This refinancing results in Grainger having far greater certainty over its medium term financing.

“Under the old facilities there were aggregate debt repayments of about £900m to be made by June 2011.

“These are now reduced to about £110m on 30 June 2011 and a minimal amount in the 18 months after that.” (David Doyle, Property Week)


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