Picton Property Income has agreed a £50m revolving credit facility with NatWest.
The existing funding line, which was due to mature on 26 May, has been refinanced with an initial term of three years and the option of two one-year extensions.
Interest is charged at a margin of 165 basis points above SONIA on the first £25m, and 170 bps thereafter. An undrawn commitment fee is payable equal to 40% of the margin.
The facility is undrawn and the remainder of the company’s borrowings of £210m are fixed at an average interest rate of 3.7% per annum with the earliest maturity in 2031.
Chief financial officer Saira Johnston said: “We are delighted to have completed this refinancing with NatWest and continue our strong ongoing relationship with the team. The RCF will continue to provide operational flexibility and future investment opportunity.”
Image via Tom Nicholson/LNP/Shutterstock
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