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.

  • 01 Oct 2009

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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2 Bank of America Merrill Lynch (BAML) 10.66
3 Credit Suisse 6.45
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5 JP Morgan 6.35

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1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
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