29th Oct 2019 12:15
(Alliance News) - Triple Point Social Housing REIT PLC said Tuesday it has secured an extension to its existing GBP70 million revolving credit facility to GBP130 million.
The existing GBP70 million facility was provided exclusively by Lloyds Bank PLC, but as part of the extension, National Westminster Bank PLC will join Lloyds in providing debt on identical terms.
The initial four-year term of the facility remains unchanged and will expire on December 20, 2022. This could be extended by a further two years to December 2024. The interest rate under the facility is 1.9% per annum over three-month LIBOR.
When fully drawn, the facility will represent a loan-to-value of 40% secured against a defined portfolio of the trust's supported housing assets in the UK.
The extended facility will provide Triple Point with additional committed capital to help finance the acquisition of housing assets from its pipeline.
"We are delighted that NatWest has joined Lloyds as a new lender through the RCF. Securing an additional GBP60 million of debt capital whilst retaining the original, competitive terms of the RCF provides the Group with the highest degree of flexibility for its deployment programme over the next six to nine months. We are pleased to welcome NatWest as a new counterparty into our lending group and value both lenders' continued support of the UK social housing sector," said Chair Chris Philips.
Shares in Triple Point were down 0.5% at 89.14 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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