Development Securities has restructured €47 mln of medium-term floating rate loan notes, reducing annual finance costs by £0.8 mln (€1 mln).
Development Securities has restructured €47 mln of medium-term floating rate loan notes, reducing annual finance costs by £0.8 mln (€1 mln).
The restructuring has reduced the maturity of the loan from 13 to 7 years.
At 4.9% per annum, the cost of the restructured, unsecured €47 mln loan will be £1.9 mln per annum.
Development Securities said that the loan revamp has also released cash collateral of £9.5 mln which is now available for further investment.
