| Wed 29 May 2013, 8:00 | | REDEFINE PROP INTERNATIONAL LTD - Redefine International P.L.C. - Refinancing of Zeta Financing Facility Confirmed |
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RIN 201305290008A
Redefine International P.L.C. - Refinancing of Zeta Financing Facility Confirmed
REDEFINE PROPERTIES INTERNATIONAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2010/009284/06)
JSE share code: RIN ISIN code: ZAE000149282
(“RIN”)
Set out below is an announcement which was released by Redefine International P.L.C. (“Redefine
International”), the London Stock Exchange-listed subsidiary of RIN, on the Regulatory News Service
(“RNS”) of the London Stock Exchange today, Wednesday, 29 May 2013.
REDEFINE INTERNATIONAL P.L.C.
(“Redefine International” or the “Company”)
REFINANCING OF ZETA FINANCING FACILITY CONFIRMED
Redefine International, the income focused property company, is pleased to announce that it has refinanced
its £46.0 million Zeta facility with Lloyds TSB Bank PLC.
A new £38.5 million facility, reflecting a 55% loan to value ratio, has been agreed for a three year term with
options to extend for two further one year periods. 75% of the loan amount has been fixed for the initial
three year term at an all-in rate of 4.06% with the balance of the loan at 3.25% above three month Libor.
The £7.5 million reduction in the loan balance was funded with £5.5 million of cash already secured by the
facility following a previously announced lease surrender and the subsequent sale of the Telford property.
The remainder was funded utilising existing cash resources. The loan is secured against the Company’s
UK Government let offices (excluding the Delta portfolio).
The refinancing of the Zeta facility secures the last of any material near term debt maturities and further
enhances the Company’s already significantly improved financial position. The Group’s average cost of debt
(excluding the Delta facility) remains largely unchanged at 5.0% and, as reported in the half yearly results to
28 February 2013, the Company has a loan to value ratio of 51.2%.
Further enquiries:
Redefine International Property Management Limited
Investment Advisor
Michael Watters, Stephen Oakenfull Tel: +44 (0) 20 7811 0100
FTI Consulting
Public Relations Advisor
Stephanie Highett, Dido Laurimore, Faye Walters Tel: +44 (0) 20 7831 3113
29 May 2013
Sponsor to Redefine Properties International Limited
Java Capital
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