GREYCOAT GROUP SEEKS TWO FINANCINGS
U.K. Property company Greycoat Group Plc
is seeking two financings, one for 120 mln stg and the other
for 16 mln stg, in connection with its Embankment Place
development above and around Charing Cross station in London,
banking sources said.
    The first transaction, a 120 mln stg credit, will be
arranged by N.M. Rothschild and Sons Ltd and Bank of Tokyo
International Ltd on behalf of a special purpose Greycoat
subsidiary yet to be incorporated.
    It matures in June 1993 but will be extendible by up to two
years to June 1995 at the option of the borrower.
    The first credit, a project financing, will carry a basic
margin of 5/8 point over London Interbank Offered Rates
(LIBOR), with an additional 1/4 pct per annum payable on
outstanding amounts to the extent that the property is not
substantially pre-let.
    In addition, if the property is pre-sold while amounts are
still outstanding, the basic margin will be reduced to 1/2
point over LIBOR, the banking sources said.
    For a one year extension of the maturity an extra 1/8 point
margin will be paid, with a further 1/8 point if the maturity
is lengthened for the optional second year.
    There will be a commitment fee of 1/4 pct per annum on
available amounts and of 1/8 pct on unavailable amounts, the
sources said. Rothschild is sole agent for this transaction.
    The second transaction, a 16 mln stg credit for the purpose
of working capital, is being arranged by Rothschild alone on
behalf of the Greycoat Group Plc itself. It will be secured on
a property called Brettenham House.
    The margin will be 1/2 point over LIBOR in years one to
four, 5/8 point over LIBOR in years five and six and 3/4 point
over LIBOR thereafter. The credit will mature in June, 1995.
    The sources said that a commitment fee of 20 basis points
will be payable on the available tranche, with 10 basis points
on unavailable amounts.
 Reuter
