UK REIT British Land has signed a new £785 mln (€962 mln) credit facility with a syndicate of 14 banks.
UK REIT British Land has signed a new £785 mln (€962 mln) credit facility with a syndicate of 14 banks.
The unsecured revolving facility has a maturity of five years which may be extended to a maximum of seven at British Land's request. The loan has an initial margin of 115 bps and its terms include British Land's standard unsecured financial covenants.
Lloyds Bank, Sumitomo Mitsui Banking Corporation, Santander Global Banking & Markets and The Bank of Tokyo-Mitsubishi UFJ were joint co-ordinators and bookrunners. Lloyds is the facility agent.
The bank consortium also included Barclays Bank, Bank of China, HSBC Bank, JPMorgan Chase Bank, Helaba, Royal Bank of Canada, Wells Fargo, BNP Paribas, Crédit Agricole Corporate and Investment Bank and The Royal Bank of Scotland.
'We are very pleased with the level of support for this new revolving credit facility,' said finance director Lucinda Bell. 'Over the last 12 months we have raised £1.5 bn of debt finance on competitive terms from a broad range of sources. By taking advantage of current market conditions, this facility adds further flexibility and term to our already strong and well diversified debt portfolio.'
