St. Modwen Properties Plc signed a new £475 million unsecured revolving credit facility, replacing £488 million of current bilateral secured debt facilities.

The new facility has an initial maturity of five years that can be extended to a maximum of seven years, subject to consent from the lender.

The refinancing provides a reduced cost of debt and improved operational flexibility, the company noted.

The lender syndicate for the new facility comprises the company's existing banking group, with Barclays Bank PLC, HSBC Bank Plc, National Westminster Bank plc and Santander UK plc, with the addition of AIB Group (UK) plc. Rothschild & Co. advised the company on the financing.