Blackstone's Brighton enters into credit facility for St. Modwen buy

Chicago, July 20 – Blackstone Group Inc.’s Brighton Bidco Ltd. entered into a senior facility agreement of £1.15 billion for its purchase of St. Modwen Properties PLC on Tuesday, according to a notice.

Proceeds will be used as part of the purchase price for the acquisition, the existing debt of St. Modwen and its subsidiaries and fees and fees and expenses associated with the acquisition.

Brighton has a limited amount of time to withdraw the funds, based on the acquisition timeline with Dec. 20, 2021 being an outside date.

The initial repayment date is the first interest payment date after the first anniversary of the first drawdown. The facility can be extended up to two times for one year each time.

The facility can be repaid early at any time.

The interest rate for the first year is Sonia plus 300 basis points, with a step up of 50 bps for each of the second and third year, if applicable.

Mandated lead arrangers for the facility are RBC Europe Ltd., J.P. Morgan AG and United Overseas Bank Ltd., London Branch.

Birmingham, England-based St. Modwen is a property redeveloper of primarily brownfield and urban environments.

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