SEGRO has arranged bank facilities totalling €780m (£614m) to support the delivery of its development strategy.
The facilities comprise a €610m syndicated revolving credit facility and two bi-lateral revolving credit facilities of €100m and €70m each.
The net impact of the changes is a €110m increase in the unsecured committed bank facilities available to the group and an increase in their weighted average maturity from 25 months to 57 months, with an option to extend the €610m facility by a further 24 months.
The facilities have been put in place with nine long-standing relationship banks plus one new lender. These include Barclays Bank, Bank of China, BNP Paribas, Bank of America Merrill Lynch, HSBC Bank plc, Lloyds Bank, KBC Bank, the Royal Bank of Scotland, Santander and, for the first time, Wells Fargo.
Justin Read, SEGRO’s group finance director, said: “This refinancing makes our committed bank facilities more cost effective, and smooths and extends our debt maturity profile.
“The restructured facilities also provide an appropriate level of funding to support the ongoing delivery of our development strategy, while ensuring that SEGRO continues to maintain a strong liquidity position.”
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