Minerva’s victory on debt

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Shares in Minerva have fallen by 65% over the past year as investors feared it could breach banking covenants, but its lenders today agreed terms after months of negotiations. The firm is facing revised conditions on its £570 million loans on the two City office developments, with the banks forcing Minerva to put up extra security and pay out a higher exit fee.

Minerva said it had also refinanced £188 million of debt in six other projects, leaving no further loan maturities in the current or next financial year.

Chief executive Salmaan Hasan said the refinancing was "a key milestone".