Development Securities PLC announces that it has completed a new five-year £37.9-million (approx. 45.5-million) loan with Lloyds Bank Corporate Markets, secured on three shopping centers at Ringwood, Thatcham and Bexleyheath.
Interest is hedged for the full term with Lloyds Bank Corporate Markets taking advantage of current swap rates, giving an initial total cost of 3.29%, rising over the life of the facility to 3.64%.
The loan refinances an existing facility from Bank of Scotland, which was due to mature in January 2013.
Graham Prothero, Finance Director, Development Securities PLC, said: "Securing the early refinance of this key facility further strengthens our balance sheet, taking our weighted average debt maturity to 8.5 years (including our share of joint venture loans). This new facility continues our strong and longstanding relationship with Lloyds Bank Corporate Markets."
Lynda Shillaw, Managing Director, Corporate Real Estate, Lloyds Bank Corporate Markets, added: "We are pleased to provide our continuing support for the strong relationship we have with Development Securities PLC, by the extension of one of its core facilities."
Source: Development Securities PLC