2nd Aug 2019 11:20
(Alliance News) - Property firm Helical PLC said Friday it entered into a GBP400 million revolving credit facility with four lenders related to its largest asset.
The facility will be initially repayable in July 2024, but has two one year extension options. The facility was signed with Barclays PLC, HSBC Holdings PLC, Royal Bank of Scotland Group PLC-owned National Westminster Bank PLC and Wells Fargo.
The new facility replaces the existing GBP150 million revolving credit facility held by Helical, as well as the GBP200 million development facility associated with its largest asset, the Bower building in London.
Following initial GBP221 million drawdowns on the new facility, Helical has GBP179 million available for future acquisitions.
The new facility extends the average maturity of the debt at Helical to 4.7 years, up from 2.7 years previously. The average interest rate also falls to 3.6% from 4.0% prior.
"With just four floors (12% of space) remaining to be let at The Bower, this new RCF secures the long term refinancing of this key asset together with a portfolio of London and Manchester offices," Helical Finance Director Tim Murphy said.
Shares in Helical were 0.4% lower at 358.50 pence in London on Friday.
Related Shares:
Helical Bar