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(Sharecast News) - Supermarket Income REIT announced the completion on Thursday of a 445m refinancing delivering lower borrowing costs and increasing average debt maturity.
The new facilities - a 375m syndicate and 70m bilateral - will refinance all of the company's existing unsecured loan facilities maturing over the next two years.
They comprise a 225m syndicated three-year revolving credit facility; a 45m bilateral three-year RCF; a 150m syndicated five-year RCF; and a 25m bilateral five-year RCF. Each facility benefits from two one-year extension options.
The company has also added two new banking relationships with Lloyds Bank and ABN AMRO, while retaining its core banking relationships within existing facilities with Barclays Bank, HSBC UK Bank, ING Bank and The Royal Bank of Scotland International Limited.
Chief financial officer Mike Perkins said: "The strong support from our existing lenders and new partners in Lloyds and ABN AMRO reflects the ongoing appeal of grocery assets within the lending community. We continue to access bank finance at attractive rates, underlining the quality of our portfolio, the confidence in our strategy, and the strength of our relationships.
"The improvement in our debt maturity profile further enhances our capital structure which remains well diversified by maturity and source."
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