Medium term refinancing

28 Feb 2008 07:02

Development Securities PLC28 February 2008 MEDIUM TERM REFINANCING Development Securities announces today that it has completed the refinancing ofpart of its liability portfolio for borrowed monies. It has now prepaid a £34 million 8.3% fixed rate, secured term loan that was duefor expiry in 2018. As part of the prepayment arrangements, the company paid asettlement amount of £5.9 million to the loan provider. This amount will beeligible for tax deduction in 2008. The property collateral released as a result of this loan repayment has now beencharged to a medium term £38 million floating rate, revolving facility with Bankof Scotland Corporate. In addition, Bank of Scotland Corporate are providing amedium term £28 million secured facility in connection with the planned phasesof future development of the charged properties. Further enquiries: Michael MarxDevelopment Securities PLC Tel: 0207 828 4777 Mallika BasuThe Communication Group plc Tel: 0207 630 1411 This information is provided by RNS The company news service from the London Stock Exchange