29 May 2013 07:00
29 May 2013
REDEFINE INTERNATIONAL P.L.C.
("Redefine International" or the "Company")
Refinancing of Zeta Financing Facility Confirmed
Redefine International, the income focused property company, is pleased to announce that it has refinanced its £46.0 million Zeta facility with Lloyds TSB Bank PLC.
A new £38.5 million facility, reflecting a 55% loan to value ratio, has been agreed for a three year term with options to extend for two further one year periods. 75% of the loan amount has been fixed for the initial three year term at an all-in rate of 4.06% with the balance of the loan at 3.25% above three month Libor.
The £7.5 million reduction in the loan balance was funded with £5.5 million of cash already secured by the facility following a previously announced lease surrender and the subsequent sale of the Telford property. The remainder was funded utilising existing cash resources. The loan is secured against the Company's UK Government let offices (excluding the Delta portfolio).
The refinancing of the Zeta facility secures the last of any material near term debt maturities and further enhances the Company's already significantly improved financial position. The Group's average cost of debt (excluding the Delta facility) remains largely unchanged at 5.0% and, as reported in the half yearly results to 28 February 2013, the Company has a loan to value ratio of 51.2%.
Further enquiries:
Redefine International Property Management Limited Investment Adviser |
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Michael Watters, Stephen Oakenfull | Tel: +44 (0) 20 7811 0100 |
FTI Consulting Public Relations Adviser |
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Stephanie Highett, Dido Laurimore, Faye Walters | Tel: +44 (0) 20 7831 3113 |