Invesco Property Income trust restructures debt

The board of the Invesco Property Income trust has agreed a deal with the company's banks to restructure its loan facility.

The trust, managed by Rory Morrison, breached a banking covenant in September after its interest cover fell below permitted levels. The company reported last month interest cover had fallen to 139.2% at the end of December. The group says it will be necessary to make changes to the trust's investment strategy in light of the debt restructure. "In view of the company's current financial condition and the requirement to repay or refinance the company's bank borrowings on or before 28 September 2014, it will be necessary to make changes to the company's investment objective and polic...