31st Oct 2014 07:52
LONDON (Alliance News) - Great Portland Estates PLC on Friday said it has signed a GBP450 million unsecured revolving credit facility with seven relationship banks.
The five-year deal, which can be extended to seven years, has a headline margin of 105 basis points over Libor, the FTSE 250 property group said.
The new facility replaces GBP350 million and GBP150 million facilities the group had in place which were due to mature in November 2015 and February 2017, respectively.
The new deal has been provided by The Royal Bank of Scotland Group PLC, Banco Santander SA, HSBC Holdings PLC, Lloyds Banking Group PLC, Credit Agricole CIB, Wells Fargo and Bank of China.
"We are pleased to have arranged this competitively priced facility with our relationship banks. By taking advantage of current market conditions, this facility adds further flexibility to our already strong and well diversified debt book," said Great Portland Finance Director Nick Sanderson.
By Sam Unsted; [email protected]; @SamUAtAlliance
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