Lok’nStore bumps up credit facility with accordion, extends one year

Chicago, Oct. 25 – Lok’nStore Group plc has taken advantage of the accordion feature and the one-year extension option on an existing revolving credit facility, according to a notice.

The exercise of the accordion feature increased the bank facility by £25 million to £100 million.

The company has also executed its one-year option to extend the facility to April 30, 2026.

Under the amended loan, there are also now provisions for a migration to Sonia as a reference rate from Libor.

Proceeds will be used to fund the pipeline for the company of an additional 13 secured stores.

Currently, facility utilization stands at £65.4 million. Combined with cash balances on the increased facility, the company has more than £43 million of available headroom.

The facility is an equal-part joint agreement with ABN Amro NV and NatWest Bank plc.

ABN Amro replaced Lloyds Bank plc in June as one of the group’s strategic banking partners.

The margin rate is 150 basis points currently. The group’s average cost of debt over the last 12 months has been 1.54%.

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

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