Warehouse REIT has refinanced its term loan and revolving credit facility, totalling £300m.
The new three-year facility comprises a £200m term loan and £100m RCF and replaces the company’s previous £320m facility. The lenders remain HSBC, Bank of Ireland, NatWest and Santander.
The margin of 1.75% is 45 basis points below the previous margin, delivering annual cost savings of £1.2m.
Peter Greenslade of Tilstone Partners said: “This new facility has been well supported by the company’s existing banking partners, and is on improved terms, demonstrating the strength of the company’s high quality, multi-let portfolio and the subsectors compelling investment fundamentals. It delivers annualised earnings per share savings of 0.3 pence, supporting the company’s objective of rebuilding dividend cover.”
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