PCTN Picton Property Income Ld

 
TIDMPCTN 
 
1 June 2020 
 
 
                        PICTON PROPERTY INCOME LIMITED 
                   ("Picton", the "Company" or the "Group") 
                           LEI: 213800RYE59K9CKR4497 
 
              Picton Refinances 2021 Revolving Credit Facilities 
 
Picton announces the completion of a new GBP50 million revolving credit facility 
(RCF) to replace two existing facilities that were due to expire in June 2021. 
 
The new facility is for an initial term of three years with the option of two, 
one-year extensions and is secured on the same eight assets.  Currently 
undrawn, the RCF will incur interest at 150 basis points over LIBOR on drawn 
balances and an undrawn commitment fee of 60 basis points, which is a lower 
cost than the facilities it replaces. 
 
If fully utilised, the Company's combined debt maturity would be 8.3 years and 
the weighted average interest rate would reduce from 4.2% to 3.7% pa. 
 
Andrew Dewhirst, Finance Director of Picton, commented: 
 
"This new facility provides Picton with longer term operational flexibility, 
ensuring we maintain an efficient balance sheet that can be easily adjusted 
according to market conditions. We have primarily long-dated debt and a low LTV 
of 22%, which now includes access to GBP50 million of funding for a minimum of 
three years." 
 
For further information: 
 
Tavistock 
Jeremy Carey/James Verstringhe, 020 7920 3150, 
james.verstringhe@tavistock.co.uk 
 
Picton 
Michael Morris, 020 7011 9980, michael.morris@picton.co.uk 
 
Note to Editors 
 
Picton, established in 2005, is a UK REIT. It owns and actively manages a GBP665 
million diversified UK commercial property portfolio, invested across 47 assets 
and with around 350 occupiers (as at 31 March 2020). Through an occupier 
focused, opportunity led approach to asset management, Picton aims to be one of 
the consistently best performing diversified UK focused property companies 
listed on the main market of the London Stock Exchange. 
 
For more information please visit: www.picton.co.uk 
 
 
 
END 
 

(END) Dow Jones Newswires

June 01, 2020 02:00 ET (06:00 GMT)

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