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(Sharecast News) - Property investor Supermarket Income REIT has increased its secured term loan for its joint venture with Blue Owl Capital by 222m to 437m.
Supermarket Income REIT said the interest-only facility, which was secured with a syndicate of banks, matures in June 2028, and benefits from two one-year extension options at the lenders' discretion.
The FTSE 250-listed firm noted that the increased facility was priced at a margin of 1.65% above SONIA and that the cost was fixed for the duration of the facility at an all-in rate of 5.24%.
Supermarket Income REIT will receive 50% of the proceeds from the increased facility, which will be used to refinance its near-term debt maturities. After the transaction, the company's loan-to-value ratio, including debt within the joint venture, will be 43%.
Chief financial officer Mike Perkins said: "We are very pleased with the continued support shown by our existing lenders, and are equally pleased to welcome two new lenders, Lloyds and Crdit Agricole CIB, to the syndicate. The company continues to have good access to capital, highlighting the strength of our relationships with lenders and the attractiveness of top performing grocery real estate assets."
As of 1020 GMT, Supermarket Income REIT shares were up 0.47% at 85.20p.
Reporting by Iain Gilbert at Sharecast.com
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