FOR IMMEDIATE RELEASE
3RD JULY 2014 LONDON & ASSOCIATED PROPERITES PLC£45.0 MILLION DEBT FINANCING London & Associated Properties plc(`LAP' or the `Company'), the focussed retail property investor and asset manager, today announces the successful completion of £45 million financing with Santander and Europa Capital Mezzanine Ltd.This refinances its entire Royal Bank of Scotlandloan and releases funds for new acquisitions. The new debt package has a five year term, is fully hedged and has a current blended interest cost of 4.79% As a result of this refinancing, LAP has extended its debt maturity profile with £45 million of the Company's £60 million debt repayable in July 2019and a further £10 million not due until August 2022. John Heller, Chief Executive of LAP, commented that: "We are delighted to have completed the final step in addressing the Company's legacy loan and derivative positions. LAP is now better positioned to take advantage of market opportunities both for direct investment and joint venture asset management." LAP's financial advisor was Alvarez & Marsaland its legal counsel was Olswang. END Contact: London & Associated Propertiesplc Tel: 020 7415 5000 John Heller, Chief Executive Robert Corry, Finance Director Baron Philips Associates Tel: 020 7920 3161 Baron PhilipsEND The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication.
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