Silverstein Plans $578M Refinancing of 7 WTC

Law360, New York (March 19, 2012, 7:27 PM EDT) -- New York developer Silverstein Properties Inc. is planning to refinance $577.8 million in bonds secured by the 52-story 7 World Trade Center, cashing in on about $65 million at the 1.7-million-square-foot office building, a person close to the matter confirmed Monday.

The senior loan, issued by the New York Liberty Development Corp., is made up of $452.8 million in tax-exempt liberty bonds, and the junior $125 million loan is backed by two cross-defaulted loans on the property, according to a report issued by Fitch Ratings. Proceeds...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.