Heathrow Big Box, the 50:50 joint venture between Brixton plc and the Prudential Assurance Company Limited, announces that it has completed a £90-million credit facility with Westdeutsche ImmobilienBank AG.
This facility together with £31 million of new partner loans to HBB from the joint venture partners has been used to repay the £121 mln. loan facility with The Royal Bank of Scotland which expired on July 20, 2009.
The facility with WestImmo is secured, non-recourse and is for a term of three years from July 20, 2009, but with an option to extend for a further two years on July 20, 2012 subject to the satisfaction of certain conditions.
WestImmo are the sole Mandated Arranger, Agent and Underwriter for the facility which has been structured so as to enable it to syndicate some of its participation.
Mike Andrews, Director of Big Box GP Limited, commented: "We are delighted to have completed the new facility with WestImmo for a term certain of three years which provides HBB with the financial platform to continue its activities."