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PARIS-Retail-focused Klepierre has refinanced more than $3.14 billion of debt through two different loans.

The first loan, due to mature in June 2011, was worth $1.05 billion and has been extended to June 2012. The second, and larger loan, set to come due in January 2013, was worth $2.1 billion. The loan will now mature in June 2015.

The company has also relaxed its covenants for a $1.4 billion loan set to mature in September 2014 in order to help maintain liquidity through this tough recession cycle. According to a release, “The covenants related to the Loan-to-Value ratio and the Interest Cover Ratio were significantly eased, their limit having been raised from 55% initially to 63% for the LTV, and from 2.5 to 1.9 for the ICR.”

Bank BNP Paribas refinanced the loans.

“Restructuring our bank debt is a huge step for us. It will allow us to pursue the implementation of our ($1.4 billion) disposal in the best interests of our shareholders,” says Laurent Morel, chairman of the Klepierre Executive Board, in a statement. “In any case, and regardless of the flexibility offered by these new covenants, the Group remains committed to the goal of bringing its LTV ratio back below the 50% threshold.”

Klepierre has a stake in retail assets throughout Europe totaling $20.7 billion, as well as $1.5 billion in office properties. Based out of Paris, the company has a presence in 13 countries.

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