Development Securities has raised EUR 47 mln through the issue of a 20-year unsecured subordinated loan note. The UK-listed property development and investment company said that the notes, quoted on the Channel Islands Stock Exchange, are redeemable anytime after five years at no additional cost. The company said it plans to use the net proceeds to refinance an existing £35 mln (EUR 50 mln) 8.3% headline fixed-rate secured loans with 11-year unexpired terms, thus releasing the property collateral for additional financing of an equivalent amount.
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