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| Grainger announces additonal debt facility Grainger, Britain's largest quoted residential property investor, has created significant additional liquidity in its core UK debt portfolio by raising a further £228 million five-year revolving credit facility. The average maturity of the Group's main facility has now increased to approximately four years and across the whole Group the average maturity of our debt is five years. The first refinance of part of the main facility is due in June 2010. This new facility will increase Grainger's headroom to approximately £412 million including cash of £73 million and the average lending margin on its core UK debt will increase by just four basis points to 77 basis points. This positions Grainger well to act upon acquisition opportunities as they arise, thereby enhancing its ability to create shareholder value. At 31 January 2008, the loan to value ratio on the Company's core facility amounted to 57.9%, compared to a bank covenant limit of 80%, although the banking documentation provides for property acquisitions to be reduced should the loan to value ratio exceed 70%. write your comments about the article :: © 2008 Construction News :: home page |