Grainger rises on refinancing

Shares in residential property firm Grainger gained more than 11 per cent to close at 86p yesterday, after it said it has agreed two new debt facilities. Five major banks will provide £840m, with another £50m raised with Partnership Assurance. The refinancing means Grainger's average cost of debt will be 5.8 per cent with an average maturity of 5.9 years. Grainger's finance director Mark Greenwood said the deals would give Grainger far greater certainty over its medium and long term financing.