4th Jul 2018 11:57
LONDON (Alliance News) - Schroder Real Estate Investment Trust Ltd said Wednesday it completed two refinancings, reducing its interest costs and extending its debt facilities.
The first refinancing was in relation to the GBP129.6 million term loan with Canada Life. The refinancing was in respect of the GBP25.9 million portion of the loan due to expire in April 2023.
The date has now been extended to 2028 with interest rates fixed for five years.
The fixed interest rate cost has been reduced to 3.09% from 4.77% on this portion of the loan, saving approximately GBP435,000 of interest per year, the company said.
The second was for a GBP20.5 million revolving credit facility with Royal Bank of Scotland Group PLC.
The facility has now been increased to GBP32.5 million, of which GBP20.5 million has been already drawn.
"The additional loan amount available provides the company with greater funding flexibility, to be used for acquisitions or capital expenditure across the portfolio," the company said.
Shares in the trust were flat at 61.72 pence each on Wednesday.
Related Shares:
RBS.LSchroder Real