LondonMetric Property has agreed a new £400 mln (€545 mln) unsecured revolving credit facility with a syndicate of five lenders.
LondonMetric Property has agreed a new £400 mln (€545 mln) unsecured revolving credit facility with a syndicate of five lenders.
The new facility can be increased to £500 mln and is for a five-year term, with a two-year extension.
The facility, which has a minimum margin of 130 bps with an opening margin of 150 bps, will reduce the group’s average interest rate from 3.72% to 3.37%, when fully drawn, while the average maturity will increase from 4.2 years to 5.4 years.
The Royal Bank of Scotland acted as co-ordinator and facility agent. The syndicate consists of The Royal Bank of Scotland and Barclays Bank, acting as bookrunners and mandated lead arrangers, and Abbey National Treasury Services, Wells Fargo Bank International and Lloyds Bank acting as mandated lead arrangers.
Lazard & Co advised LondonMetric on the new facility.
European Debt Finance & Investment Briefing
PropertyEU's latest European Debt Finance & Investment Briefing takes place in Frankfurt on 5 May
