Tritax Big Box REIT has announced a £500m five-year secured debt facility through a club of lenders.
The four lenders, Barclays, Helaba, Wells Fargo and ING Real Estate Finance, will supply a £320m loan which will be drawn immediately and a further £80m which can be drawn at any time over the next 12 months.
In addition, the four lenders have supplied a £100m revolving credit facility which also includes an overdraft element.
The margin on the loan is an opening 140bps over Libor, which will move out to 177bps and 142bps on the two tranches when fully drawn.
The facility is a refinance of £253.34m of existing debt originally supplied by Barclays and Santander UK and reduces the cost of debt in the company by 35bps. Other debt from Helaba will not be affected.
The facility increases the company’s loan-to-value to around 35% and the company has said it will continue to target the 40% LTV mark.
