StockMarketWire.com - Shopping centre owner Hammerson said it had improved its liquidity and debt arrangements with lenders and collected about 70% of its rent in the first half of the year across the UK and Ireland.

The company had negotiated an amendment to the covenants on its existing private placement notes, which increased the headroom available on the unencumbered asset ratio covenant until 31 December 2021.

In a boost its finances, the company had received approval for issuance of up to £300m under the UK government's Covid lending facility, increasing maximum liquidity to £1.5bn.

To further enhance cash reserves, an additional £300m had been drawn on its revolving credit facilities, the company said.

As at 29 June 2020, the company had collected 73% of the first half of 2020 rent in the UK, 53% in France and 72% in Ireland, but was 'confident that collection rates will continue to improve materially in all regions as agreements are progressed with brands.'





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