25th Apr 2019 13:29
LONDON (Alliance News) - Self-storage firm Lok'nStore Group PLC has increased the size of its revolving credit facility, it said Thursday.
Lok'nStore has signed a GBP75 million five-year facility with Lloyds Bank PLC and Royal Bank of Scotland PLC, replacing its previous one worth GBP50 million.
There is also a GBP25 million accordion, meaning it could rise to GBP100 million.
The interest rate is LIBOR plus a 1.50-1.75% margin based on a loan-to-value covenant test.
Lok'nStore Chief Executive Andrew Jacobs said: "This new, substantially larger, banking facility underlines the financial strength of Lok'nStore with its modest gearing, valuable property assets and strong and growing cash flow and will enable the group to continue to execute its current growth strategy."
Shares were 6.8% higher on Thursday at a price of 520 pence each.
Related Shares:
LloydsRBS.LLok N Store