Business
Repayment of debt
Repayment of debt.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n RNS Number : 4607Z Land Securities Group Plc 22 September 2009 \n \n22 September 2009 \n\nLand Securities Group PLC ('Land Securities')\n\nLAND SECURITIES PAYS DOWN £1.5BN OF DEBT BUT MAINTAINS FINANCIAL FIREPOWER IN HUNT FOR OPPORTUNITIES \n\nLand Securities Group PLC has today announced that it is repaying £1.5 billion of its debt and will repay further facilities during the calendar year.\n\nThe decision allows Land Securities to return to a normal operating environment in its Security Group debt structure and positions the business strongly, while retaining significant firepower from the Rights Issue proceeds and asset sales to take advantage of market opportunities. \n\nAfter paying back the £1.5 billion it is estimated that the Loan to Value in its debt structure will be approximately 59% based on March 2009 valuations. \n\nCommenting on the decision, Francis Salway, Chief Executive said:\n'We said at the time of our Rights Issue that we would continue to actively manage our balance sheet and repay debt when appropriate. Our recent activity in executing sales, raising new debt facilities against assets and managing costs has reinforced our confidence in our forecasts and means we have taken this step earlier than our internal plans had assumed.\n\n'Today's decision strengthens our hand in positioning the business in a secure and strong state ready to take advantage of future opportunities.'\n\n\n-Ends-\nFor further information, please contact:\n\n\n\n\n\n\nMel Winsor/Donal McCabe\n\n\n \n\n\n \n\n\n\n\nLand Securities Group PLC\n\n\n \n\n\n \n\n\n\n\nT +44 (0)20 7413 9000\n\n\n \n\n\n \n\n\n\n\n\n\nNotes to editor:\n\nLand Securities\nLand Securities is the UK's leading Real Estate Investment Trust and has a large portfolio of commercial property in London and UK regional cities. \n\nThe portfolio comprises 45 retail parks and shopping centres including the quadruple award winning Cabot Circus in Bristol and The Centre in Livingston. It is also the leading provider of office accommodation in London owning properties such as the Piccadilly Lights, Westminster City Hall, Cardinal Place in Victoria and the newly created New Street Square complex in Mid...