Commercial Finance Specialists

Development Securities PLC has announced that it has arranged a new five-year £37.9 million loan with Lloyds Bank Corporate Markets, which will be secured on three shopping centres: at Ringwood (Hampshire), Thatcham (Berkshire), and Bexleyheath (Greater London).

The commercial refinancing deal sees interest predetermined for the full term. Lloyds Bank CM are providing at an initial cost of 3.29%, which will rising over the life of the finance package to 3.64%. The loan refinances an existing credit deal arranged with the Bank of Scotland, which was due to mature in January 2013.

The Finance Director of Development Securities, Graham Prothero, spoke of the financial benefits for the company in acting decisively.

"Securing the early refinance of this key facility further strengthens our balance sheet, taking our weighted average debt maturity to 8.5 years (including our share of joint venture loans). This new facility continues our strong and longstanding relationship with Lloyds Bank Corporate Markets."