2nd Apr 2015 06:50
LONDON (Alliance News) - LondonMetric Property PLC on Thursday said it has taken out a GBP400 million unsecured revolving credit facility, replacing five existing secured debt facilities and reducing the number of debt facilities in place from six to two.
The FTSE 250-listed property company said the new facility can be extended to GBP500 million and is for a five-year term, with a two-year extension option.
The new facility has a minimum margin of 130 basis points with an opening margin of 150 basis points, and the company's average interest rate will reduce to 3.37% from 3.72% when fully drawn, and the average maturity increases to 5.4 years from 4.2 years.
The Royal Bank of Scotland PLC acted as coordinator and facility agent for the new loan, while RBS and Barclays Bank PLC acted as bookrunners and mandated lead arrangers.
By Sam Unsted; [email protected]; @SamUAtAlliance
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