12th Oct 2018 07:41
LONDON (Alliance News) - Great Portland Estates PLC said Friday that it has inked a GBP450 million unsecured revolving credit facility with a group of six lenders.
"This transaction combined with our other proactive refinancing activities over the last 18 months have further reduced the cost and extended the term of our predominantly unsecured debt facilities," said Martin Leighton, the company's corporate finance director.
The loan bears a headline margin of 92.5 basis points over LIBOR and has an initial five-year term, which may be extended to a maximum of seven years.
The participating banks include NatWest, Santander Corporate & Investment Banking, Wells Fargo, Lloyds Bank PLC, Credit Agricole CIB and Bank of China.
Following the loan transaction and the recent redemption of GBP150 million convertible bond, the property development company has no group level debt maturities until the initial expiry of this amended facility in October 2023.
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