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St. Modwen says its acquirer enters loan agreement to fund deal

Reuters

(Reuters) - St. Modwen Properties said on Tuesday the Blackstone-backed firm, which plans to take the UK logistics and residential property firm private in a $1.75 billion deal, has entered into a loan agreement to fund the transaction.

Brighton Bidco Ltd and a co-borrower have entered into a credit facility for 1.15 billion pounds ($1.57 billion) with RBC Europe Ltd, J.P. Morgan AG and United Overseas Bank Ltd, according to St. Modwen.

($1 = 0.7341 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru)