£325 Million Banking Facility
BIG YELLOW GROUP PLC
2 September 2008
Big Yellow Group PLC
("Big Yellow" or "the Company")
£325 million banking facility agreed
The Board of Big Yellow Group PLC, the UK's leading self storage brand, is pleased to announce the signing of a £325 million revolving, 5 year core banking facility with HSH Nordbank AG as Sole Arranger and Underwriter.
This facility will replace our existing £325 million facility which was due to expire in April 2010, provided by a banking group led by the Royal Bank of Scotland. It is intended that subject to satisfaction of certain conditions precedent the refinancing will take place on 15 September 2008, which is the next loan rollover date of the existing facility.
James Gibson, Chief Executive of Big Yellow commented:
"We are delighted to secure this new facility which will provide the core financing for the group over the medium term. We look forward to developing our relationship with HSH Nordbank further."
For further information, please contact:
Big Yellow Group PLC 01276 477 811
Nicholas Vetch, Chairman
James Gibson, Chief Executive Officer
John Trotman, Chief Financial Officer
Weber Shandwick Financial 020 7067 0700
Louise Robson/ John Moriarty
Notes to Editors
Big Yellow Group PLC is one of the leading and most dynamic self-storage groups in the UK. It was founded in 1998 by Nicholas Vetch, Philip Burks and James Gibson and listed on AIM in May 2000, moving to the Official List of the London Stock Exchange in 2002.
Big Yellow has expanded rapidly and now operates (both directly and within Big Yellow Limited Partnership) from 49 stores, 48 in London and the South, and one in Leeds, with a further 22 stores in development and of the 71, 61 are held freehold and three long leasehold, together representing more than 90% of the portfolio. All the stores have the distinct yellow branding, in accessible main road locations, with the majority being within the M25 or in strong urban conurbations. When fully built out the portfolio will provide approximately 4.6 million sq ft of flexible storage space.
The Group has pioneered the development of the latest generation of self-storage facilities, which utilise state of the art technology and are located in high profile, main road locations. Its focus on the location and visibility of its buildings, coupled with excellent customer service, has created the most recognised brand name in the UK self-storage industry.
This information is provided by RNS
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