Lok’nStore gets one-year extension on £75 million credit facility

By Taylor Fox

Chicago, July 20 – Lok’nStore Group plc has announced the agreement of a one-year extension to its existing joint banking facility with Royal Bank of Scotland plc and Lloyds Bank plc, according to a news release.

The £75 million five-year revolver, executed in 2019, includes two extension options. The facility, due to expire in April 2024, will now run until April 2025, providing funding for more landmark site acquisitions.

The interest rate margin was set at Libor plus 150 basis points to 175 bps based on loan to value covenant test. Currently, the rate is Libor plus 150 bps and the current all in debt cost on £51.2 million drawn is averaging 160 bps to 170 bps.

The facility also provides for £25 million accordion uplift to £100 million.

The bank covenants and margin are unaffected by the extension.

Lok’nStore is a self-storage company based in Farnborough, Hampshire.

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