Supermarket Income REIT has refinanced its debt facility with Bayerische Landesbank with a new £86.9m loan.
The three-year, secured, interest-only loan replaces the three existing tranches with BLB totalling £86.9m.
The new facility matures in March 2026 and is priced at a margin of 1.65% above Sonia, which has been fully hedged using an interest rate swap to a fixed rate of 4.29%, including margin.
The cost of the hedging instrument for the new facility was £2.8m. The REIT said this was “more than fully covered” by the £3.3m of proceeds received from the termination of the previous hedging instrument.
All of the REIT’s drawn debt is now fixed, with a weighted average cost of debt of 2.9%.
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