Agreement of New Long-term Debt Facilities
Unite Group PLC
7 December 1999
Agreement of new long-term debt facilities
The Unite Group plc ('Unite'), the UK's leading
specialist in multi-occupancy accommodation for the
student sector and NHS trusts, is pleased to announce
that it has negotiated new long term facilities to
finance two existing portfolios of investment property.
The facilities, for a total of £32.5 million, have been
provided by The Royal Bank of Scotland and the Bank of
Scotland and will be substantially drawn down by April
2000. The new debt will replace a mixture of existing
long term debt and development finance at improved
margins and is expected to release approximately £3.5
million of cash over the next five months.
The portfolios include properties let to Bath University
and The University of West England, as well as schemes
currently under construction such as the flagship student
development 'Unite House' for Bristol University.
Both The Royal Bank of Scotland and the Bank of Scotland
have agreed in principle to extend the facilities to a
total of £50 million as other schemes reach completion.
Nick Porter, Managing Director of The Unite Group plc,
commented:
'The refinancing exercise is in line with the Group's
strategy to rationalise its long-term funding and seek
increasingly competitive rates of interest. We are
delighted that two highly respected lenders have
demonstrated their confidence in the Group by providing
facilities on very favourable terms.'
For further information, please contact:
The Unite Group PLC 0117 907 8100
Nicholas Porter, Managing Director
David Ransome, Finance Director
Ludgate Communications 0171 253 2252
Tim Davis
Alex Brog
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