24th Oct 2014 14:04
LONDON (Alliance News) - Empiric Student Property PLC said Friday it has agreed a GBP35.5 million term loan facility with the Royal Bank of Scotland PLC, part of the Royal Bank of Scotland Group PLC.
The loan facility will be secured against a portfolio of eight standing assets held as a lending group through Empiric's wholly owned subsidiary, Empiric Investments (One) Ltd.
The loan has a term of five years from the date of drawdown, and Empiric said it will be fully hedged via a co-terminus five-year interest rate swap with NatWest Bank, also part of RBS. The rate of interest payable on the RBS loan is equal a margin of 1.9% above the swap rate.
Shares in Empiric Student Property are trading up 0.2% at 101.20 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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