LondonMetric Agrees New Unsecured Facility
2 April 2015
LONDONMETRIC PROPERTY PLC
LONDONMETRIC AGREES NEW
£400 MILLION UNSECURED FACILITY
LondonMetric Property Plc ("LondonMetric" or "Company" or "Group") has agreed a new £400 million unsecured Revolving Credit Facility ("New Facility") with a syndicate of five lenders.
The New Facility can be increased to £500 million and is for a five year term, with a two year extension.
The Facility has a minimum margin of 130 bps with an opening margin of 150 bps.
The Group's average interest rate will reduce from 3.72% to 3.37%, when fully drawn, and the average maturity increases from 4.2 years to 5.4 years.
The New Facility replaces five existing secured debt facilities, which are £269.3 million drawn, and reduces the number of Group debt facilities from six to two; the Group's £196.2 million seven year Helaba facility remains in place and its joint venture arrangements are unaffected.
The Royal Bank of Scotland plc acted as co-ordinator and facility agent. The syndicate consists of The Royal Bank of Scotland Plc and Barclays Bank PLC, acting as bookrunners and mandated lead arrangers, and Abbey National Treasury Services PLC, Wells Fargo Bank International and Lloyds Bank plc acting as mandated lead arrangers.
Lazard & Co., Limited advised LondonMetric on the New Facility.
Martin McGann, Chief Financial Officer of LondonMetric, commented:
"This is a very good facility on competitive terms that lengthens our maturity, increases our firepower and better aligns our debt arrangements to our real estate strategy. The addition of an unsecured facility to our overall debt structure will provide greater operational flexibility to the Group for our planned development programme and support our ongoing transactional activity.
"I am particularly pleased that all of our secured lenders who are being refinanced are participating in the New Facility and are joined by Barclays as a new lender to the Company and by Santander as a returning lender to the Company".
-Ends-
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Clare Glynn
Tel: +44 (0) 20 3727 1000
About LondonMetric Property Plc
LondonMetric (ticker: LMP) aims to deliver attractive returns for shareholders through a strategy of increasing income and improving capital values. It invests across the UK in Retail and predominantly retailer led Distribution properties. It employs an occupier-led approach to property investments through opportunistic acquisitions, joint ventures, active asset management and short cycle developments. The asset focus is on properties with enduring occupier appeal providing opportunities to improve both rental values and the security and longevity of income, and limited risk redevelopments with the aim of enhancing shareholder returns.
Further information on LondonMetric is available at www.londonmetric.com
This information is provided by RNS
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