GPE Great Portland Estates Plc

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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