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Supermarket Income REIT expands two revolvers, increases term loan
By Marisa Wong
Los Angeles, Sept. 14 – Supermarket Income REIT plc announced it arranged a £61.3 million increase to its revolving credit facility with Wells Fargo, a £20 million increase of its secured term loan with Deka and a one-year extension alongside a £10 million increase to its revolving credit facility with HSBC.
The company increased the Wells Fargo facility by exercising part of the revolver’s accordion option, according to a press release. The remaining £38.7 million of the accordion remains undrawn and is exercisable at any time.
This secured interest-only revolver has a remaining term of four years and two further one-year extension options.
The new tranche of the Wells Fargo revolver has a term of two years plus three one-year extension options and a margin of 140 basis points above Sonia, which is currently equivalent to a total cost of about 1.45%.
The secured term loan with Deka was increased to a total of £96.6 million for the remaining three-year term with two further one-year extension options.
The new tranche of the secured term loan has a fixed rate of 1.7%.
The existing revolver with HSBC has been extended by one year, representing a remaining term of two years.
This revolver was increased to £150 million total, at a margin of 175 bps over Sonia, which is currently equivalent to a total cost of about 1.8%.
Ben Green, director of Atrato Capital Ltd., the investment adviser to Supermarket Income REIT, said in the release, “These transactions demonstrate continuing lender appetite and provide us with competitively priced debt funding to help us grow as we explore further acquisition opportunities.”
The U.K. grocery property real estate investment trust is based in London.
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