Hammerson signs £505 million five-year revolver at Libor plus 150 bps

By Susanna Moon

Chicago, April 28 - Hammerson plc announced the syndication of a £505 million five-year revolving credit facility at Libor plus 150 basis points with BNP Paribas as coordinator.

The facility was increased from £400 million following an over-subscription, according to a company news release.

Proceeds will be used for general corporate purposes.

The revolver replaces undrawn facilities of £670 million due to expire 2011 to 2013.

The syndicate of banks is BNP Paribas for £50 million, Barclays Bank plc for £50 million, Bank of America Merrill Lynch for £50 million, Bank of Tokyo-Mitsubishi UFJ, Ltd. for £50 million, HSBC Bank plc for £50 million, JPMorgan for £50 million, Royal Bank of Scotland plc for £50 million, Santander UK plc for £50 million, Credit Agricole Corporate and Investment Bank for £35 million, Deutsche Bank AG, London Branch for £35 million and Societe Generale for £35 million.

Hammerson said its third existing revolver of £340 million will be maintained to maturity in 2012 to 2013.

The total medium-term committed financing now available to Hammerson is about £2.7 billion, the release noted.

"I am delighted with the excellent response we have received from our bankers for this facility, which provides flexibility going forward," Simon Melliss, chief financial officer of Hammerson, said in the release.

Hammerson is a real estate investment trust based in London.

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