Londonmetric Property obtains two green revolvers for £400 million

By Rebecca Melvin

Concord, N.H., May 4 – Londonmetric Property plc has completed £400 million in two revolving credit facilities, structured under its green framework, according to a debt refinancing announcement on Tuesday.

The revolvers include a £175 million facility with a five-year term and two one-year extension options with Wells Fargo, and a £225 million facility with a three-year term and two one-year extension options with NatWest, Barclays, HSBC and Santander.

The credit facilities, together with previously announced private debt placements, mean the company has completed £780 million of new debt refinancing, replacing an existing £444 million revolver due in April 2022 and two bilateral loans with Wells Fargo for £75 million and HSBC for £75 million. In addition, the company will repay its £130 million secured debt facility with Helaba, according to the announcement published by the London Stock Exchange.

The refinancing increases the company’s loan maturity by four years to 8.2 years and the average cost of debt on a drawn basis will be lower at 2.6%, compared to 2.9% as of March 31, 2020, the company said.

The revolvers have a green framework, structured in accordance with the Loan Market Association's sustainability-linked loan principles. Sustainability performance targets have been set, which are aligned to LondonMetric's responsible business targets, and which will mean pricing of the revolvers is subject to a two basis point adjustment for compliance or non-compliance with the targets.

The property investment and development company is based in London.

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