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Derwent obtains £550 million unsecured revolving credit facility
By Jennifer Chiou
New York, Oct. 1 - Derwent London plc announced that it has entered into a new £550 million unsecured revolving credit facility.
HSBC is the administrative agent for the five-year facility along with RBS, Barclays and Lloyds.
The loan replaces £650 million of secured bank facilities expiring between April 2014 and January 2017, according to a filing with the London Stock Exchange.
Borrowings will bear interest at Libor plus 160 basis points for net asset levels of up to 50%. The filing stated that the margin increases at higher levels of gearing with a maximum permitted level of 160%.
In August, the company announced the issue of £150 million of convertible bonds due 2019.
"Our new unsecured bank facility brings greater operational flexibility in relation to individual properties and the release of security on the facilities repaid provides the group with a pool of unencumbered assets of over £1.8 billion," finance director Damian Wisniewski said in the filing.
Derwent London is a London-based real estate investment trust.
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