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.

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