Great Portland Estates PLC GPE Signs New GBP250 million Term Loan (5153O)
03 Octobre 2023 - 9:39AM
UK Regulatory
TIDMGPE
RNS Number : 5153O
Great Portland Estates PLC
03 October 2023
3 October 2023
GPE Signs New GBP250 million Term Loan
Great Portland Estates plc ("GPE" or the "Group") announces that
it has signed a new GBP250 million unsecured Term Loan at a
headline margin of 175 basis points over SONIA with three existing
relationship banks. The loan has an initial three-year term which
may be extended to a maximum of five years at GPE's request,
subject to bank consent.
GPE has put in place an interest rate cap to protect against any
further increases in rates whilst preserving the benefit of any
reductions. As a result, more than 90% of the Group's debt is fixed
rate or hedged.
Following this financing, the Group has cash and undrawn credit
facilities in excess of GBP470 million. This significant liquidity
will support the delivery of our strategic priorities, including
funding the Group's near-term development programme and the Group's
GBP175 million private placement debt maturity in May 2024.
Together with the lenders, the Group intends to incorporate
ESG-linked KPIs into the loan in due course to align with its
existing GBP450 million ESG-linked RCF. This will enable the
Group's performance against these KPIs to affect the future margin
payable.
The Mandated Lead Arrangers are NatWest, Lloyds Bank and Bank of
China. NatWest acted as Documentation Agent and Lloyds Bank will
act as Facility Agent.
Holly Reynolds, Corporate Finance and Tax Manager commented ,
"We are delighted to have arranged this financing with three key
relationship banks. Despite more challenging debt markets, this new
loan demonstrates the strong support that we have from our lenders
for the clarity and ambition of our business model and our
collective belief in the enduring appeal of London to both
customers and investors."
Great Portland Estates plc +44 (0) 20 7647 3000
Nick Sanderson, Chief Financial & Operating
Officer
Martin Leighton Joint Director of Finance
Stephen Burrows, Director of Investor Relations
and Joint Director of Finance
Finsbury Glover Hering
James Murgatroyd +44 (0) 20 7251 3801
Gordon Simpson
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October 03, 2023 03:39 ET (07:39 GMT)
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