Land Securities has signed a £1.26bn revolving credit facility with a syndicate of eight banks.
The banks, Lloyds Banking Group, Santander, RBS, HSBC, Citibank, Sabadell, Bank of China and UBS, extended the facility at 75bps over Libor for a term of five years, extendable to seven years.
The facility replaces a £1.09bn RCF, but British Land will retain other facilities for £985m.
Martin Greenslade, chief financial officer at Land Securities, said: “We are pleased with this new refinancing arrangement, which extends the duration of our bank facilities, reduces costs and provides great flexibility. Our strong relationships with our core banking group, combined with our clear and consistent strategy have been the key elements in achieving these competitive terms.”
Citi was mandated lead arranger, with Sabadell, UBS and Bank of China lead arrangers. The rest of the participants were bookrunners on the deal.
