The Gibraltar Limited Partnership, a 50-50 joint venture between the Hercules Unit Trust and the Crown Estate, has agreed a new £150 mln (EUR 180 mln) five year loan facility with Deutsche Pfandbriefbank and Helaba Landesbank Hessen-Thüringen Girozentrale.
The Gibraltar Limited Partnership, a 50-50 joint venture between the Hercules Unit Trust and the Crown Estate, has agreed a new £150 mln (EUR 180 mln) five year loan facility with Deutsche Pfandbriefbank and Helaba Landesbank Hessen-Thüringen Girozentrale.
The loan will be used, together with existing cash held by the partnership, to repay in full the existing debt finance, which would have matured in July 2012. The all-in rate on the loan, including margin and arrangement fee, is significantly less than the interest rate under the existing finance.
Deutsche Pfandbriefbank and Helaba Landesbank Hessen-Thüringen Girozentrale have acted as arrangers of the new facility and have provided the interest rate swap. Deutsche Pfandbriefbank will act as facility agent and security agent.
When combined with the £350 mln of financing signed in September 2011, the partnership has agreed £500 mln of new finance within the last nine months.
