14th Sep 2006 11:20
Mapeley Limited14 September 2006 FOR IMMEDIATE RELEASE14 SEPTEMBER 2006 MAPELEY LIMITED STEPS REFINANCING Mapeley is pleased to announce that on 13 September 2006, it completed therefinancing of its banking facilities with Halifax Bank of Scotland, enteredinto by Mapeley STEPS Limited and Mapeley STEPS Contractor Limited in 2001 for aterm of 20 years. Under the terms of the refinancing, Mapeley will repay theexisting 20 year, £173.0 million loan and replace it with a new 15 year, £176.0million loan facility. Under the new facility the interest rate is fixed at 4.5%for the term of the loan with a margin of 0.75% for the first seven years of theloan, increasing to 2.25% for the remainder of the loan. As previously reported in Mapeley's financial results for the six months to 30June 2006, the Group has already incurred exceptional charges of £15.3 millionin relation to the refinancing. These comprised a £4.4 million charge inrelation to the cost of raising finance resulting from the early repayment ofthe original loan and £10.9 million relating to swap valuation losses. Anyfurther financial impact arising from changes in the swap valuation between the30 June 2006 and 13 September 2006 will be charged to the income statement inthe relevant period END For further information, please call: Tim McCall, MJ2 Business Communications 020 7491 7776 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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