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NewRiver refinances with £100 million revolver with lower cost
By Marisa Wong
Los Angeles, Nov. 17 – NewRiver REIT announced it refinanced its revolving credit facility with a new £100 million facility, according to a press release.
The new revolver includes a £50 million accordion available subject to lender approval. The previous £125 million facility had also included a £50 million accordion.
The maturity has been extended to November 2026 from August 2024, with an option to extend the facility by two additional one-year terms, to November 2028, subject to lender approval.
In addition, annual cost has been reduced as headline margin and quantum were both decreased, the company said.
All four banks in the previous facility, Barclays Bank plc, HSBC UK Bank plc, National Westminster Bank plc and Santander UK plc, have continued to support NewRiver in the new facility.
The company was advised by Rothschild & Co.
NewRiver is a real estate investment trust is based in London.
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