Minerva plc ("Minerva") is pleased to report that it has
refinanced, extended or restructured loan facilities in excess of
£750 million.
Key highlights
- Key financial loan covenants have been deferred or removed
altogether.
- There are no scheduled loan maturities in the current or next
financial year.
- No net worth or loan to value covenants are due to be tested
during the current or next financial year, other than for two loan
facilities totalling circa £44 million.
City of London developments - The Walbrook and St Botolphs
Revised commercial terms have been agreed for the two development
loan facilities financing City of London office developments at The
Walbrook and St Botolphs. These include, inter alia, the deferral
of loan to value covenants, the removal of interest guarantees and
related covenants (including net worth covenants), and the
availability of additional tranches within the respective
facilities to finance some post-completion interest. In return,
Minerva has pledged additional security, incorporated certain
leasing targets and provided for an enhanced exit fee to the banks.
As part of these arrangements, the facility for The Walbrook
remains at £275 million and the facility for St Botolphs has been
reduced from £315 million to £295 million. This facility reduction
will not impact the completion of the project.
Other refinanced facilities
Under the terms agreed for six other existing facilities which
totalled £222 million, £188 million has been refinanced. This net
reduction in facility commitments incorporates a cash loan
repayment of circa £14 million. These loan facilities incorporate
extensions to the previous maturities of between one and three
years and as a consequence, the Group now has no scheduled loan
maturities in the current or next financial year.
No changes to remaining facilities
All other facilities remain unchanged, including the £215 million
development loan facility secured on the high-end residential
development at Lancaster Gate. There are no ongoing financial
covenants relating to these facilities.
Minerva has total debt facilities of approximately £1 billion.
Minerva will be announcing its preliminary results for the year
ended 30 June 2009 on 5 October 2009.
Salmaan Hasan, Chief Executive of Minerva plc, said:
"We are pleased to have completed the refinancing and extensions to
our loan facilities, which is a key milestone and provides added
security to the Group.
With this strengthened financial platform in place, we remain fully
focused on achieving our other key objectives. We are confident
that we can deliver long-term value from our portfolio of high
quality developments and investments."
- End -
All Enquiries:
Minerva plc Salmaan Hasan, Chief Executive
Ivan Ezekiel, Finance Director
020 7535 10000
Brunswick Group LLP
Simon Sporborg / Oliver Hughes
020 7404 5959
