LONDON (Alliance News) - Invista European Real Estate Trust Wednesday it has refinancing a EUR222 million financing facility provided by Blackstone Real Estate Debt Strategies, an affiliate of Blackstone Group LP, in April.
Invista said that, under the new financing arrangement, EUR100 million in senior debt is being provided by Bank of America Merrill Lynch International Ltd and EUR122 million of mezzanine debt by Blackstone Real Estate Debt Strategies.
The initial blended cost of the debt will remain 770 basis points over three-month Euribor. A provision has also been included which will allow Invista to cut the blended cost to 470 basis points over three-month Euribor once the mezzanine debt has been cut to EUR35 million.
Invista is set to make some asset disposals in order to cut its mezzanine debt pile.
Invista shares were untraded at 2.975 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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