Property investment and development company Quintain announced on Friday that it has reached agreement with eight banks to refinance all its bank debt with a series of bi-lateral loans. The new loan facilities total 拢620 mln and have an average tenure of 5.6 years, with an average margin of 1.15% for the mixture of five and six-year facilities.
Property investment and development company Quintain announced on Friday that it has reached agreement with eight banks to refinance all its bank debt with a series of bi-lateral loans. The new loan facilities total 拢620 mln and have an average tenure of 5.6 years, with an average margin of 1.15% for the mixture of five and six-year facilities.
Earlier this year, UK listed Quintain announced that it had raised an additional 拢300 mln of debt since end-September with an average maturity of two years as an interim measure pending this refinancing. All of this debt has been repaid, the company said.
'We firmly believe that it is prudent to have longer maturity debt at this time of economic volatility. These new competitive facilities enable us to focus on activities that will generate shareholder value with confidence in the strengthened surety and structure of our capital base. As with our previous facilities, these new facilities have the potential to be used across the portfolio', said Quintain's finance director Rebecca Worthington.
At end-2007 Quintain's net debt was 拢485 mln, with gearing standing at 45%.
