Jump to content
House Price Crash Forum
Sign in to follow this  
Billy Ballyckz

Minerva Refinances £750m Debt

Recommended Posts

Salmaan Hasan, chief executive of Minerva, said it was a key milestone for the group.

He said: '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.'

Minerva has five main lenders and total debt facilities of around £1bn: Deutsche Postbank, Nationwide Commercial Bank, HSH Nordbank, Landesbank Berlin and Lloyds Banking Group.

Speculation about its survival has been rife

In February, Hasan, who was previously head of property finance at Deutsche Postbank, warned there was ‘significant doubt’ about its ability to continue as a going concern if ‘existing market conditions and property valuations do not improve’.

Its level of gearing jumped from 46% to 67% in the second half of 2008 and the average interest cost of its debt, excluding joint ventures, was 6.6%.

Before this refinancing around 11% of its borrowings were scheduled to mature next year.

Read more: http://www.propertyweek.com/story.asp?stor...s#ixzz0RoyTVmS9

Read more: http://www.propertyweek.com/story.asp?stor...s#ixzz0RoxXktJU

Some of that print printy percolating through in the form of splints.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   288 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.