Warehouse REIT PLC £220 million institutional refinancing (7943A)
24 Enero 2020 - 1:00AM
UK Regulatory
TIDMWHR
RNS Number : 7943A
Warehouse REIT PLC
24 January 2020
24 January 2020
Warehouse REIT plc
(the 'Company' or 'Warehouse REIT')
Warehouse REIT increases headroom with GBP220 million
institutional refinancing
Warehouse REIT, the AIM-listed specialist warehouse investor,
announces that it has entered into a new five year GBP220 million
debt facility, to replace the existing HSBC facility totalling
GBP210 million. The refinancing, which comprises a GBP157 million
term loan and a GBP63 million Revolving Credit Facility, has been
agreed with a club of lenders consisting of HSBC, Barclays, Bank of
Ireland and Royal Bank of Canada. The facility is at a margin of 2%
per annum above LIBOR, representing a 14bpts saving compared to the
previous blended rate. The new facility provides a five year term
and includes an option to extend the duration by a further two
years, subject to lender consent. The current HSBC facility
expires, in part, in March 2020 and the majority in November
2022.
This new facility not only extends the term and reduces the
margin, but also increases Warehouse REIT's total debt facilities
from GBP210 million to GBP220 million, together with an accordion
of a further GBP80 million whilst maintaining the LTV covenant of
55%. Alongside paying down the previous facility, the debt provides
the Group with extended firepower over current drawings to support
operational flexibility, deliver further portfolio initiatives and
give wider scope for new investments.
Based on drawn Group net debt of c. GBP184 million (as at 30
September 2019), Warehouse REIT's pro forma all in cost of debt
will reduce from 2.14% blended to 2.00%. Debt maturity will
increase from a maximum of two years to five (or seven years if the
two one-year extensions are applied). At current drawings, the
Group is 30% hedged by way of two caps at a blended rate of
1.625%.
Andrew Bird, Managing Director of Tilstone Partners Limited,
commented: "This long term facility, secured from a high quality
club of lenders, further strengthens the Company's balance sheet
and provides greater flexibility to implement the active programme
of portfolio management and take advantage of the attractive
acquisition opportunities that the team continues to source in the
market, underpinned by solid occupational demand. We now move
forward with a highly competitive cost of debt and an attractive
debt maturity profile."
Savills Debt Advisory team acted for Warehouse REIT on this
transaction.
-ENDS-
Enquiries
Warehouse REIT plc via FTI Consulting
Tilstone Partners Limited +44 (0) 1244 470
Andrew Bird 090
G10 Capital Limited (part of the Lawson
Conner Group), AIFM +44 (0) 20 3696
Maria Glew, Gerhard Grueter 1302
Peel Hunt (Financial Adviser, Nominated
Adviser and Broker) +44 (0) 20 7418
Capel Irwin, Harry Nicholas, Carl Gough 8900
FTI Consulting (Financial PR & IR Adviser
to the Company)
Dido Laurimore, Ellie Sweeney, Richard +44 (0) 20 3727
Gotla 1000
Further information on Warehouse REIT is available on its
website:
http://www.warehousereitplc.co.uk
Notes to editors:
Warehouse REIT is an AIM listed UK Real Estate Investment Trust
which owns and manages a diversified portfolio of UK warehouse
assets located in urban areas.
Occupier demand for urban warehouse space is increasing as the
structural growth in e-commerce has driven the rise in internet
shopping and investment by retailers in the "last mile" delivery
sector. The urban warehouse sector continues to be projected to be
the best performing of all UK property sectors.
The Company is an alternative investment fund ("AIF") for the
purposes of the AIFM Directive and as such is required to have an
investment manager who is duly authorised to undertake the role of
an alternative investment fund manager. The Investment Manager is
G10 Capital Limited.
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END
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