Quintain succeeds in debt renegotiation

Wembely City developer Quintain has renegotiated its short-term loan facilities.

Property Week reports Quintain has extended the repayment date for a £95m loan with Barclays by a year to 30 April 2011, which allows them to raise its gearing from 110% to 150% – as long as it is below 110% at 31 March. It follows the renegotiation of £620m of medium term debt which it renegotiated last week. The refinancing deal followed confirmation that the company was considering raising equity.

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