LONDON (ShareCast) - (ShareCast News) - Capital & Regional has refinanced the debt on its five wholly-owned shopping malls with £372.5m of new debt facilities with three lenders to cut its blended interest rate to 3.27% from 3.52%.
The three new facilities were a £165m 10-year loan with Teachers Insurance and Annuity Association of America with a one year extension option, a £107.5m seven-year loan with Wells Fargo and a £100m bank facility of 5 years with two one year extension options with The Royal Bank of Scotland.

So far, £90m of the RBS facility has been drawn down with a further £10m available to fund capex.

The £107.5m facility is secured on The Mall, Luton, while the other two facilities are secured on the four assets at Blackburn, Maidstone, Walthamstow and Wood Green.

The weighted average maturity of the new facilities is 7.8 years, rising to 8.8 years if the extension options are assumed to be exercised.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE