"We are pleased to report on a year of steady progress at LAP. As previously reported, the most significant event of last year was the refinancing of our £45 million facility away from the Royal Bank of Scotland to Santander UK PLC. At the same time we closed our associated long-dated swap positions. As a result we are in a much stronger financial position going forward with a less volatile balance sheet.
As reported in 2013, Windsor Shopping Centre’s sale was completed in January 2014 for £105 million. The sale proceeds were utilised to repay the related bank loan and all group to interest rate derivatives.
In March 2015, we also repaid from our cash resources £1.25 million of the £5 million outstanding 2018 debenture stock from Prudential Assurance Co. The total consideration was £1.4 million and this will reduce interest expense by £145,000 per annum. As a result of both of these events, LAP’s average cost of borrowing now stands at 5.8% (2013: 7.6%) while the Group’s borrowing cost is 5.7% (2013: 7.2%).
... full statement
Sir Michael Heller, Chairman.
John Heller, Chief Executive.
Final results for the year ending 31 December 2014 are available now to download
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