Refinancing Update

To                   Company Announcements
Date                12 October 2020
Company        BMO Commercial Property Trust Limited
LEI                  213800A2B1H4ULF3K397

Subject           Refinancing Update
 

Further to the Trading Update on 4 August 2020 by BMO Commercial Property Trust Limited (the "Company") the Board can now confirm that SCP Estate Holdings Limited, a subsidiary of the Company, has executed a new £100 million term loan and revolving credit facility agreement with Barclays Bank plc.

This is an extension until July 2022 with the option of two further one-year extensions of the previous £50 million term loan facility and £50 million undrawn revolving credit facility that was in place with Barclays and was due to expire in June 2021. The interest rate that will be payable in respect of the facility is 1.85 per cent per annum over 3-month LIBOR (previously 1.50 per cent over 3-month LIBOR) and a commitment fee of 0.74 per cent per annum (previously 0.60 per cent per annum) on the undrawn amount. As at 30 June 2020, the Company's loan to value ("LTV") was 22.9 per cent.

The revolving credit facility is expected to remain undrawn in the near term but upon satisfaction of the relevant conditions to drawdown, it will provide the Company with valuable additional liquidity.

Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]
Fax: [phone]

Richard Kirby
Scott Macrae
BMO Investment Business Ltd

Tel: [phone]
Fax: [phone]