7th Oct 2015 06:59
LONDON (Alliance News) - Residential property owner and manager Grainger PLC on Wednesday said ratings agency Standard & Poor's has raised its rating on the company's existing senior secured notes to investment grade.
FTSE 250-listed Grainger said its GBP275 million in senior secured notes, due 2020, have been upgraded to 'BB+' from 'BBB-' by S&P. The agency said the upgrade had been made based on its "improved valuation of the group's assets".
Grainger has also signed a refinancing deal of its Grainger Invest property portfolio bank facility with existing lenders HSBC and Santander. The new GBP150 million facility replaces the company's previous GBP120 million loan, and the margin on the facility has been reduced to 85 basis points from 170 basis points.
Grainger will publish its results for the year to the end of September on November 19.
By Sam Unsted; [email protected]; @SamUAtAlliance
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