UPDATE 1-French Klepierre agrees debt refinance deal

* Says refinancing part of its debt

* Says has reached deal with banks on debt covenants

* Has new line of credit of 2.4 billion euros, due in 2015

(Adds details)

PARIS, June 16 (Reuters) - Klepierre (LOIM.PA), France's third-biggest listed property group, said on Tuesday it had reached a deal with banks on debt covenants and has a new credit facility of 2.4 billion euros ($3.3 billion) maturing in 2015.

In return for longer maturity and easing on its covenants, Klepierre's average cost of debt will increase by 25 basis points to between 50 percent and 52 percent, and by 29 basis points to between 52 percent and 55 percent, it said in a statement.

"Restructuring our bank debt ... will allow us to pursue the implementation of our 1 billion euro disposal in the best interests of our shareholders," Chairman Laurent Morel said.

He added that Klepierre was targeting bringing its loan-to-value ratio to below 50 percent.

The new line of credit came from French bank BNP Paribas and will give Klepierre 150 million euros in additional financial resources, the property firm added.

Klepierre shares closed down 0.5 percent at 17.50 euros, compared with a 0.2 percent drop in the French benchmark CAC 40 index .FCHI.

Klepierre -- which competes against Unibail-Rodamco (UNBP.PA) and Britain's Land Securities Group (LAND.L) had a portfolio totalling almost 15 billion euros at the end of last year and owns shopping centres, offices and retail real estate.

To reduce its debt, Klepierre has said it aims to consolidate its holdings with an ambitious disposal programme.

A loan-to-value ratio of between 40 percent and 45 percent in 2009 would be ideal compared with its current 47.9 percent, executive board member Jean-Michel Gault said in February.

Klepierre has been selling assets to boost cash reserves and regain balance sheet strength since buying last July Scandinavian rival Steen & Strom.

BNP holds over 50 percent of Klepierre's share capital. (Reporting by Sophie Taylor; Editing by David Holmes) ($1=.7197 Euro)