Hammerson: 370 mln revolving credit facility (UK)

Hammerson plc announces the successful syndication and signing of a £370 mln. five year revolving credit facility. The facility is extendable for two further years at the option of the lenders. The facility carries a margin of 37.5 basis points over LIBOR. It will be used for general corporate purposes.

The facility was increased from £250 mln. to £370 mln. following an over-subscription. The facility was arranged by 13 mandated lead arrangers, Barclays Capital, BNP Paribas, Calyon, Dresdner Kleinwort Wasserstein, Eurohypo, Wachovia Bank, Fortis Bank, HSBC Bank plc, J.P. Morgan plc, Nordeutsche Landesbank, Royal Bank of Canada Europe Limited, Royal Bank of Scotland plc and WestLB AG, with the following participants:

In Sterling (£):

  • Barclays Bank Plc: 25,000,000
  • BNP Paribas: 25,000,000
  • Calyon: 25,000,000
  • Dresdner Bank AG London Branch: 25,000,000
  • Eurohypo A.G. London Branch: 25,000,000
  • Wachovia Bank N.A.: 25,000,000
  • Fortis Bank S.A./N.V.: 25,000,000
  • HSBC Bank plc: 25,000,000
  • JP Morgan Chase Bank, N.A.: 25,000,000
  • Nordeutsche Landesbank Girozentrale, London Branch: 25,000,000
  • Royal Bank of Canada Europe Limited: 25,000,000
  • Royal Bank of Scotland plc: 25,000,000
  • WestLB AG, London Branch: 25,000,000
  • Banco Populare di Verona e Novara, London Branch: 15,000,000
  • Sumitomo Mitsui Banking Corporation, Europe Ltd: 15,000,000
  • UFJ Bank Limited: 15,000,000

This new facility will replace an existing £250 mln. facility which is due to expire in July 2005. Following this, the total medium term committed financing available to Hammerson will be approximately £2.4 bln.

Simon Melliss, Group Finance Director, commented: "I am delighted with the excellent response we have received from our bankers for this medium term facility. It provides flexibility for Hammerson during a period when we are undertaking a number of major capital projects."

Source: Hammerson

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