NewRiver has refinanced its revolving credit facility, reducing it by £25m.
The new £100m facility, with a £50m accordion, available subject to lender approval, will replace the previous RCF of £125m with a £50m accordion.
Maturity has been extended from August 2024 to November 2026, with options to extend to November 2028.
All four banks behind the previous RCF – Barclays, HSBC, NatWest and Santander – continued to support the REIT.
The annual cost has been reduced as the headline margin and quantum have both been lowered.
Will Hobman, chief financial officer at the £600m REIT, said: “We are pleased that the strength of our financial position, best-in-class asset management platform and well positioned portfolio have been recognised by our key bank lenders, who have each chosen to continue to support the long-standing relationships we have established with them. By extending the RCF term for at least a further three years we will continue to benefit from access to additional liquidity and at the same time by reducing the size and margin of the RCF we have been able to do so at a reduced overall cost.”
NewRiver’s portfolio covers around 7m sq ft of shopping centres, retail parks and regeneration opportunities.
