30th Mar 2015 09:15
LONDON (Alliance News) - Land Securities Group PLC on Monday said it has signed a new USD1.26 billion revolving credit facility that extends the duration of its bank facilities and reduces the costs of them.
The five-year deal can be extended to seven years at the company's request and upon approval from the banks involved. It replaces the FTSE 100-listed property investor's existing GBP1.09 billion syndicated revolving credit facility.
The banking syndicate includes Lloyds Banking Group, Santander Global Banking and Markets, Royal Bank of Scotland and HSBC.
"We are pleased with this new refinancing arrangement, which extends the duration of our bank facilities, reduces costs and provides great flexibility. Our strong relationships with our core banking group, combined with our clear and consistent strategy have been the key elements in achieving these competitive terms," said Chief Financial Officer Martin Greenslade.
Shares in Land Securities were trading flat at 1,268.00 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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