AIM-listed property investor Panther Securities is still waiting on one of its joint lenders to confirm terms of a refinancing ahead of a looming loan expiry.
Discussions over the company’s banking facilities, set to expire in April, “have taken longer to conclude that anticipated” during the Covid crisis, the company said in a stock market update.
One of two lenders has already told Panther that its part of the refinancing has received full credit approval. “However, the other joint lender has advised that its internal processes are continuing and full credit approval has not yet been obtained,” the company said, adding that it hopes to confirm the refinance next month.
According to the company’s most recent set of results, the £75m loan was signed with HSBC and Santander. Panther did not specify which lender it was still waiting on for confirmation of the refinancing.
Panther is aiming for a three-month extension on the current loan facilities once the refinancing terms are approved by the second lender.
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