19th Mar 2009 07:00
19 March 2009
Quintain Estates & Development plc
("Quintain" / "Company" / "Group")
QUINTAIN AMENDS TERMS OF SHORT TERM BANKING FACILITY
Quintain Estates & Development plc announces that, following the renegotiation of its £620 million of medium term facilities announced on 10 March 2009, it has renegotiated its facility with Barclays Bank.
The facility now matures on 30 April 2011 replacing the current right for Barclays to require repayment by 30 April 2010. The commitment has been reduced from £95 million to £35 million and the gearing covenant, margin and fees have been amended in line with the other facilities save that no arrangement fee is payable in the first year if Quintain elects to amend the gearing covenant. This enables Quintain to elect to raise its gearing limit from 110% to 150% of the consolidated tangible net worth of the Group for the period of the facility. This new arrangement is conditional on the Company's gearing covenant being at or below 110% at 31 March 2009.
For further information please contact:
Quintain Estates & Development plc
Rebecca Worthington / Cressida Eccleston
Tel: +44 (0) 20 7495 8968
Financial Dynamics
Stephanie Highett / Dido Laurimore / Laurence Jones
Tel: +44 (0) 20 7831 3113
Forward looking statements
This document is for information purposes only and it may contain certain forward looking statements. By their nature forward looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes of results expressed or implied by such forward looking statements.
Any forward looking statements made by or on behalf of Quintain speak only as at the date they are made and no representation or warranty is given in relation to them, including as to their completeness for accuracy or the basis on which they were prepared. Quintain does not undertake to update forward looking statements to reflect any changes in Quintain's expectations with regard thereto or any changes in events, conditions or circumstance on which any such statement is based.
Information contained in this document relating to the Company should not be relied upon as an indicator of future performance.
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