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Revised Loan to Value Covenants

17th Oct 2008 07:00

RNS Number : 0679G

Warner Estate Holdings PLC

17 October 2008

Warner Estate Holdings PLC ("Warner Estate" or "Group")

Revised Loan to Value Covenants

In the Interim Management Statement on 14th August 2008, Warner Estate reported the renewal of £60million of revolving borrowing facilities for three years and the increase in the loan to value covenant on a further £100million of facilities to 80%. Warner Estate announces today that it has renegotiated another Group bank facility with the effect that the loan to value covenants for its combined facilities of £415million now average 79% compared to 75% at 31st March 2008.

The impact of the terms arising from the renegotiation of these facilities on the Group's recurring profit will be offset by future reductions in LIBOR.

Cash collection continues to improve with 96.4% of the September 2008 quarter day rents collected within 14 days compared to 94.9% collected for the June 2008 quarter day.

- ends -

Date: 17 October 2008

Warner Estate Holdings PLC	City Profile
Philip Warner, Chairman	Jonathan Gillen
Peter Collins, Finance Director	Simon Courtenay
Michael Stevens, Property Director	Tel: 020-7448-3244
Tel: 020-7907-5100
Web: www.warnerestate.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

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