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Supermarket Income REIT gets £412.1 million unsecured facility
By Mary-Katherine Stinson
Lexington, Ky., July 8 – Supermarket Income REIT plc has arranged a new £412.1 million three-tranche credit facility with a bank syndicate made up of Barclays, Royal Bank of Canada, Wells Fargo and Royal Bank of Scotland International, according to a notice on Friday.
The facility’s three tranches consist of a £250 million five-year revolving credit facility with two one-year extension options up to a maximum seven-year term, a £100 million three-year term loan with two one-year extension options up to a maximum five-year term and a £62.1 million 18-month term loan with one 12-month extension option up to a maximum 2.5-year term.
The facility has a margin of 150 basis points over Sonia and a weighted average term of six years.
This is the first time the company has accessed unsecured debt financing.
Rothschild & Co. provided legal counsel to the company.
A portion of the proceeds will be used to refinance £255 million of existing secured commitments in addition to providing further debt capital.
The real estate investment trust is based in London.
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