Carpathian has announced that it has signed a EUR 235 mln debt restructuring deal with Deutsche Pfandbriefbank, formerly known as Hypo Real Estate.
Carpathian has announced that it has signed a EUR 235 mln debt restructuring deal with Deutsche Pfandbriefbank, formerly known as Hypo Real Estate.
The transaction represents all of Carpathian's existing facilities with the bank and about 56% of the total group debt of EUR 417.1 mln at end-December 2008.
The existing facilities are extended until the end of 2011, with loan-to-value covenants suspended for the term until Dec 2011.
An immediate fixed equity repayment of EUR 8 mln is required. A number of Carpathian's largest assets are included in the restructuring, with The Promenada and Blue Knight portfolio loans to be fully cross-collaterised.
