Slaughter and May advised Derwent London plc, a leading London property developer and investor, on its new £550 million, five year, unsecured revolving credit facility.

The new facility is being provided by Derwent London's principal relationship banks, HSBC, RBS, Barclays and Lloyds, with HSBC as agent. It replaces £650 million of secured bank facilities expiring between April 2014 and January 2017, as was indicated in Derwent London's interim results announced in August, and follows on from Derwent London's issue in July of £150 million of convertible bonds due July 2019.

CONTACTS

Financing: Matthew Tobin (partner), Andrew Chaplin (associate), Jonathan Keane (associate); Tax: William Watson (partner), Ed Milliner (associate)