31st Jan 2017 08:41
LONDON (Alliance News) - Self-storage provider Lok'nStore Group PLC on Tuesday said it has agreed a two-year extension on its GBP40.0 million banking facility with Royal Bank of Scotland.
The five-year loan was signed in 2016 and had been due to mature in January 2021, but the pair have agreed to extend the loan to January 2023.
The interest due on the loan is set at Libor plus 1.4% to 1.65% based on a loan-to-value covenant test.
Lok'nStore said the funds will be used to back more site acquisitions and provide working capital to the business.
Lok'nStore shares were untraded Tuesday, having last traded at 465.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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