27th Jun 2016 11:28
LONDON (Alliance News) - Circle Property PLC said Monday it has secured a new GBP50 million revolving credit facility with Royal Bank of Scotland Group PLC.
The facility will be used to refinance at a lower cost GBP39 million of the current facilities for the company's Circle Property Unit Trust, as well as provide it with capital for further acquisitions.
The loan has a three-year term, with two options to extend for a further year, and an interest rate of 1.85% over LIBOR.
"The successful completion of this refinancing demonstrates significant and positive progress for the company, allowing for greater security and increased liquidity to acquire assets which will create value in the long term for shareholders and clients. We look forward to deploying the proceeds, and will continue to use our on the ground regional contacts to identify attractive opportunities," said Chief Executive Officer John Arnold in a statement.
Shares in Circle Property were up 0.4% at 148.60 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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