Wednesday, November 22, 2023
British Land plans £1.01bn Meadowhall Shopping Centre refinancing
British Land have announced plans for a refinancing of its Meadowhall shopping centre which is securitised through Meadowhall CMR Finance. Meadowhall will be refinanced by a new simplified securitisation issued by Meadowhall Finance, a wholly owned subsidiary of British Land.
The proposed refinancing, which unlocks value for both British Land and existing bondholders, is expected to amount to £1,015m. The new financing is expected to have a weighted average interest rate of approximately 4.9%.
The refinancing follows on from the success of, and positive investor reception to, the similar exercises carried out in March 2005 on British Land's £2.1bn Broadgate securitisation and in February 2006 on British Land's £750m BL Superstores securitisation.
The proposed refinancing, which unlocks value for both British Land and existing bondholders, is expected to amount to £1,015m. The new financing is expected to have a weighted average interest rate of approximately 4.9%.
The refinancing follows on from the success of, and positive investor reception to, the similar exercises carried out in March 2005 on British Land's £2.1bn Broadgate securitisation and in February 2006 on British Land's £750m BL Superstores securitisation.
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