Grainger has successfully signed two new forward start credit facilities totalling 拢615 mln (EUR 674 mln). The UK residential group said the facilities will provide extended liquidity for the group at the time when certain facilities are due to expire.
Grainger has successfully signed two new forward start credit facilities totalling 拢615 mln (EUR 674 mln). The UK residential group said the facilities will provide extended liquidity for the group at the time when certain facilities are due to expire.
The two new facilities comprise a 拢250 mln committed term loan which will become available in June 2010 and a 拢365 mln committed term loan available in June 2011. They will be used to refinance existing revolving credit facilities of 拢400 mln and 拢475 mln that mature on those dates.
Separately the existing facilities have now been reduced to 拢250 mln and 拢445 mln respectively. Grainger said it was able to do this by utilising excess short-term committed but undrawn facilities.
Both the new forward start facilities will mature in December 2012.
