Construction News

30/10/2018

St Modwen Signs New £75m Loan With Homes England

Property partner St Modwen has signed a new £75 million loan with Homes England.

The agreement comes following the announcement of Budget 2018 yesterday, 29 October.

The loan has an initial maturity of seven years which can be extended to a maximum of ten years, subject to Homes England's consent. It sits alongside the £475m refinancing to the unsecured revolving credit facility (RCF) St Modwen's announced in December 2017.

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The funding will help accelerate the delivery of homes and serviced land across the company's portfolio.

St Modwen was advised on the loan by Rothschild & Co.

Rob Hudson, Chief Financial Officer, St. Modwen, said: "This financing further strengthens our resources whilst reinforcing a key relationship with Homes England, with whom our strategic objective to grow our residential and housebuilding business is strongly aligned."

(CM/MH)

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