(Alliance News) - St Modwen Properties PLC on Wednesday noted that Blackstone Group Inc, which indirectly owns Brighton Bidco Ltd, has agreed to a GBP1.15 billion loan deal to help finance the takeover of the property investment and development business.
St Modwen noted that mandated lead arrangers, namely RBC Europe Ltd, JP Morgan AG and the London branch of United Overseas Bank Ltd, have agreed to make available a GBP1.15 billion term loan facility for the takeover of St Modwen by Brighton Bidco.
This follows an agreement of takeover by Brighton Bidco of St Modwen Properties announced on June 24, when Blackstone made an increased final offer for St Modwen of GBP1.27 billion, after its first bid received a lukewarm reception from some analysts and investors.
The private equity firm raised its bid to 560 pence per share from 542p per share. Blackstone said it will not increase the offer any further unless a third party makes a competing takeover bid.
St Modwen shares were up 0.2% to 558.00 pence each in London on Wednesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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