DEBT REFINANCING UPDATE
21 March 2023
SUPERMARKET INCOME REIT PLC
(the "Company")
LEI: 2138007FOINJKAM7L537
DEBT REfinancing update
Supermarket Income REIT plc (LSE: SUPR), the real estate investment trust providing secure, inflation-linked, long income from grocery property in the UK, announces that it has refinanced its existing loan facilities with Bayerische Landesbank ("BLB") with a new three year £86.9 million term loan.
This secured, interest-only, loan replaces the three existing tranches with BLB totalling £86.9 million. The new facility matures in March 2026 and is priced at a margin of 1.65% above SONIA which has been fully hedged for the term of the facility using an interest rate swap to a fixed rate of 4.29% (including margin).
The cost of the hedging instrument for the new facility was £2.8 million. This was more than fully covered from the £3.3 million of proceeds received from the termination of the previous hedging instrument in place for the existing facilities.
100% of the Company's drawn debt is fixed, with a weighted average cost of debt of 2.9%.
Ben Green, Director of Atrato Capital Limited, the Investment Adviser to Supermarket Income REIT plc, said:
" We are pleased to continue our relationship with Bayerische Landesbank which has been a key debt funding partner to the Company. Refinancing all of the existing facilities with BLB has allowed the Company to extend the term to three years and achieve a competitive cost of finance."
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FOR FURTHER INFORMATION |
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Atrato Capital Limited |
+44 (0)20 3790 8087 |
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Steve Noble / Rob Abraham / Chris McMahon |
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Stifel Nicolaus Europe Limited |
+44 (0)20 7710 7600 |
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Mark Young / Matt Blawat / Rajpal Padam |
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Goldman Sachs International Jimmy Bastock / Tom Hartley |
+44 (0)20 7774 1000
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FTI Consulting |
+44 (0)20 3727 1000 |
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Dido Laurimore / Eve Kirmatzis / Andrew Davis |
NOTES TO EDITORS:
Supermarket Income REIT plc (LSE: SUPR) is a real estate investment trust dedicated to investing in grocery properties which are an essential part of the UK's feed the nation infrastructure. The Company focuses on grocery stores which are omnichannel, fulfilling online and in-person sales. All of the Company's supermarkets are let to leading UK supermarket operators, diversified by both tenant and geography.
The Company provides investors with attractive, long-dated, secure, inflation-linked, growing income with the potential for capital appreciation over the longer term and targets a 7% to 10% p.a. total shareholder return over the medium term (1) . The Company has increased its dividend every year since IPO.
The Company is listed on the premium segment of the Official List of the UK Financial Conduct Authority and its Ordinary Shares are traded on the Main Market of the London Stock Exchange, having listed initially on the Specialist Fund Segment of the Main Market on 21 July 2017.
Atrato Capital Limited is the Company's Investment Adviser.
Further information is available on the Company's website www.supermarketincomereit.com
1. There is no certainty that these illustrative projections will be achieved
Stifel Nicolaus Europe Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Supermarket Income REIT plc and no one else in connection with this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Stifel Nicolaus Europe Limited nor for providing advice in connection with the matters referred to in this announcement.
Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for Supermarket Income REIT plc and no one else in connection with this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Goldman Sachs International nor for providing advice in connection with the matters referred to in this announcement.
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