Grainger gets £615m forward start in waning trend
Grainger, the residential property group, has become the latest in a long-line of UK borrowers to secure a forward start facility — although the structure is now becoming rarer as more companies are opting for plain vanilla refinancings. Grainger, whose shares rose 6% today following the news, extended £615m of term loans for between 18 months and two and a half years.
The borrower has signed two forward starts: a £250m piece that takes effect in June 2010 and a £365m term loan that starts in June 2011. Both mature in December 2012.
The smaller piece extends a £400m term loan, which will also be reduced to £250m immediately. The bigger
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