News & Analysis

Grainger seeking to refinance £1bn

Grainger has reported net debt of £1042m and a consolidated LTV of 46%, both figures practically unchanged from the previous period, for the half year to 31 March 2015. The average interest rate was 5.1% and was achieved with new interest rate swaps made during the period, the breaking of a legacy swap and the drawdown of £26m of low cost government funding. Undrawn facilities and cash amounted to £242m.

Paul Yandall

14th May, 2015

Grainger has reported net debt of £1042m and a consolidated LTV of 46%, both figures practically unchanged from the previous period, for the half year to 31 March 2015.

The average interest rate was 5.1% and was achieved with new interest rate swaps made during the period, the breaking of a legacy swap and the drawdown of £26m of low cost government funding. Undrawn facilities and cash amounted to £242m.

The residential property investor said its group debt matures in summer 2016 and refinancing would be complete in the second half of 2015.

The company reported profit before tax of £26.2m, up from £23.1m for the same period last year, but net rents fell slightly to £19m from £19.5m.

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