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Billy Ballyckz

Minerva Refinances £750m Debt

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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.

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