British Land agrees £735m credit facility

British Land has agreed a £735m unsecured revolving credit facility at an initial margin of 90bps with a syndicate of 12 banks. The facility, which has a maturity of five years that can be extended for a further two years, is an amendment and extension of the £785m facility signed in April 2014 at a margin of 115bps. The participating banks are: ■ Lloyds Bank ■ Sumitomo Mitsui Banking Corporation, London Branch ■ Wells Fargo, London Branch ■ MUFG Bank ■ Santander UK ■ Barclays Bank ■ Bank of China, London Branch ■ Royal Bank of Canada ■ The Royal Bank of Scotland ■ BNP Paribas, London Branch ■ Credit Agricole Corporate and Investment Bank ■ Credit Industriel et Commercial, London Branch Lloyds Bank acts as facility agent. Sarah Barzycki, group treasurer at British Land, said: “This flexible facility is the latest example of our financing and debt management activity. It provides improved liquidity at reduced cost, extending the term of our diverse debt portfolio. “We are very pleased with the level of support received from our relationship banks on this transaction.” How British Land uses data to influence, inform and deliver To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @ktomusk or @estatesgazette