Quintain Estates & Development has announced it has renegotiated a £620 mln (EUR 658 mln) medium-term facility with Barclays Bank. The facility now matures on 30 April 2011 replacing the current right for Barclays to require repayment by 30 April 2010. The commitment has been reduced from £95 mln to £35 mln and the gearing covenant, margin and fees have been amended in line with the other facilities save that no arrangement fee is payable in the first year if Quintain elects to amend the gearing covenant.
Quintain Estates & Development has announced it has renegotiated a £620 mln (EUR 658 mln) medium-term facility with Barclays Bank. The facility now matures on 30 April 2011 replacing the current right for Barclays to require repayment by 30 April 2010. The commitment has been reduced from £95 mln to £35 mln and the gearing covenant, margin and fees have been amended in line with the other facilities save that no arrangement fee is payable in the first year if Quintain elects to amend the gearing covenant.
'This enables Quintain to elect to raise its gearing limit from 110% to 150% of the consolidated tangible net worth of the Group for the period of the facility,' the company said. This new arrangement is conditional on the company's gearing covenant being at or below 110% at 31 March 2009.
