29th Mar 2018 18:16
LONDON (Alliance News) -Property company McKay Securities PLC said Thursday it has cancelled its remaining interest swap and increased its existing debt facility with Aviva Investors to GBP10 million.
Due to progress in its portfolio, including the sale of Runnymede Focus industrial estate in Egham, Surrey, for GBP19.9 million, the company has taken the opportunity to cancel its remaining swap.
The notional value of the swap was GBP33 million with a 5.2% coupon and has been cancelled at a cost the company of GBP13.4 million.
The annualised interest saving as a result of the cancellation is GBP1.5 million per annum.
The company has secured the GBP10.0 million funding at a fixed rate of 3.4% as an extension to its existing GBP55.0 million which expires in April 2030.
Shares in McKay Securities closed up 1.7% at 275.00 pence each Thursday.
Related Shares:
MCKS.L
