A revolving credit facility put to the funding market by JP Morgan on behalf of Hammerson earlier this month has been substantially over-subscribed, allowing the financing to be increased from £200m to £250m.
Morgan Guaranty Trust Company of New York, Dresdner Kleinwort Benson and Midland head the list 17 banks which have stepped forward to participate.
The facility carries a margin of 30 basis points over LIBOR for the first five years, rising to 35 points up to year seven. It will be used to refinance existing facilities and for further acquisitions. The deal brings the total committed financing available to the group to over £1.1bn, of which £350m remains undrawn.
EGi News 01/08/97
