Minerva said on Tuesday that it has refinanced, extended or restructured loan facilities in excess of 拢750 mln (EUR 828 mln). The UK property developer-investor said key financial loan covenants have been deferred or removed altogether, with no scheduled loan maturities in the current or next financial year.
Minerva said on Tuesday that it has refinanced, extended or restructured loan facilities in excess of 拢750 mln (EUR 828 mln). The UK property developer-investor said key financial loan covenants have been deferred or removed altogether, with no scheduled loan maturities in the current or next financial year.
No net worth or loan to value covenants are due to be tested during the current or next financial year, other than for two loan facilities totalling 拢44 mln, Minerva said.
Revised commercial terms have been agreed for the two development loan facilities financing City of London office developments at The Walbrook and St Botolphs. These include the deferral of loan-to-value covenants, the removal of interest guarantees and related covenants (including net worth covenants), and the availability of additional tranches within the respective facilities to finance some post-completion interest.
In return, Minerva has pledged additional security, incorporated certain leasing targets and provided for an enhanced exit fee to the banks. As part of these arrangements, the facility for The Walbrook remains at 拢275 mln and the facility for St Botolphs has been reduced from 拢315 mln to 拢295 mln. Minerva said the reduction would not impact the completion of the project.
