Redefine restructuring continues apace

Redefine International, a high yielding property investment company, has completed the extension and restructuring of its 'Delta' debt facility.

The extension of the £114.6m Delta debt facility forms part of Redefine's ongoing efforts to reduce its overall loan to value ratio (net of cash) to no more than 60%.

In October, it raised £127.5m gross through the issue of over 490m new shares to pay down debt and create investment opportunities.

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It's largest shareholder, Redefine Properties International, which prior to the placing held approximately 71.7% of its equity, supported the fund raising, as did other shareholders. New shareholders were also brought on board.

CM