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Regional REIT refinances with £121 million five-, 10-year facilities
By Sarah Lizee
Olympia, Wash., June 20 – Regional REIT announced on Thursday two refinancings amounting to £121 million.
The company got a new £66 million 10-year facility with Santander which refinances the existing £44 million facility that was due to mature in November 2022.
In addition, Regional got a new £55 million five-year facility with Royal Bank of Scotland which refinances the existing £27 million facility with RBS and the £19 million facility with HSBC, both of which were due to mature in December 2021.
As a result of the refinancings, the group’s cost of borrowing including hedging will be 3.5%, with an unexpired debt term extended from 6.7 years to 7.9 years.
The facilities provide the group with headroom of about £31 million to pursue acquisitions that will provide additional value for the company's shareholders, the group said.
The real estate investment trust is based in London.
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