Triple Point Housing has secured a £60m extension to its £70m revolving credit facility from Lloyds Bank.
The extension will see National Westminster Bank provide debt alongside Lloyds on identical terms, bringing the total facility to £130m.
It has an interest rate of 1.85% per annum. When fully drawn, the facility will represent a loan-to-value of 40% secured against the group’s UK housing portfolio.
Triple Point has retained the initial four-year term, which will expire on 22 December 2022. Subject to lender approval, this may be extended by a further two years to 20 December 2024.
Chris Phillips, chairman of Triple Point Social Housing REIT, said: “Securing an additional £60 million of debt capital whilst retaining the original, competitive terms of the RCF provides the group with the highest degree of flexibility for its deployment programme over the next six to nine months.”
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