23rd Jun 2025 11:41
(Alliance News) - Tritax Big Box REIT PLC on Monday said it has agreed to refinance its existing GBP300 million revolving credit facility to help support the delivery of its strategic objectives.
The London-based real estate investment trust, which invests in large logistics warehouses, said it has entered into a new GBP400 million unsecured revolving credit facility with a syndicate of its existing banks and new lenders.
As well as refinancing the existing facility, which is due to mature in June 2026, the funding will also be used to support the company's "investment and development activities," Tritax Big Box said.
The new facility has an initial five-year term that may be extended to a maximum of seven years with the consent of the lender.
It also includes an uncommitted GBP200 million accordion option. It has the same margin ratchet as the existing facility, with an opening margin of 110 basis points, but with a margin reduction if the firm's credit rating is upgraded to A3 or higher by Moody's in future.
Tritax Big Box said it has also refinanced its existing GBP150 million bilateral Barclays PLC facilities, again with Barclays.
The new loan matures in October 2027 and can be extended for up to three more years with the consent of the lender.
The Barclays loan also benefits from the same margin reduction mechanism as the new revolving credit facility if the credit rating is upgraded, the Tritax Big Box noted.
"The new GBP400 million RCF will increase available liquidity and supports our ongoing ability to execute our strategy, including our attractive logistics and data centre development opportunities whilst maintaining an average cost of debt in line with the level we reported at FY24," said Chief Financial Officer Frankie Whitehead.
"We are grateful for the continued support of our banking syndicate and the addition of three new lenders validates the quality of our investment portfolio and growth potential. Our strong balance sheet provides us with financial flexibility while our debt maturity profile remains well diversified by both source and by maturity."
Shares in Tritax Big Box REIT were down 0.8% at 147.60 pence in London on Monday morning.
By Michael Hennessey, Alliance News reporter
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