Invista European Real Estate has agreed a new €220m credit facility with Blackstone Real Estate Debt Strategies and has repaid all the money it owed to Cerberus Capital Management / Bank of Scotland. The new facility is priced at 770 basis points over LIBOR and has an initial LTV covenant of 85%.
If, by selling property, Invista European Real Estate can cut the outstanding loan to €135m and get its LTV below 70%, the interest rate will drop to 470 basis points over LIBOR and the LTV covenant will be rest at 80%.