Aberdeen Standard Eur Lgstc Inc PLC New Master Facilities Loan Agreement (8469C)
October 22 2020 - 1:00AM
UK Regulatory
TIDMASLI
RNS Number : 8469C
Aberdeen Standard Eur Lgstc Inc PLC
22 October 2020
22 October 2020
Aberdeen Standard European Logistics Income PLC
LEI: 213800I9IYIKKNRT3G50
New Master Facilities Loan Agreement
The Board of Aberdeen Standard European Logistics Income PLC
(the "Company" or "ASLI") announces that the Company has entered
into a new uncommitted four year EUR40 million master facilities
loan agreement (the "Facility") with Investec Bank plc.
Under the Facility, the Company may make requests for drawdowns
at selected short-duration tenors as and when needed to fund
acquisitions or for other liquidity requirements. Within the
Facility, Investec has also agreed to make available a GBP3.3
million committed revolving credit facility ("RCF") which will be
carved out of the total EUR40 million limit of the Facility. The
purpose of this RCF is to partly replace the Company's existing
GBP6 million Societe Generale overdraft facility and provide a
small amount of committed liquidity with which to cover liquidity
gaps.
The master facility agreement includes covenants of a type
typical of such an agreement including: a maximum ratio in respect
of the loan to adjusted eligible net asset value of 25%, maximum
leverage ratio of 55% to gross asset value, a dividend yield test
with the minimum dividend paid to loan value of 25% and a
diversification test with a minimum number of five eligible
investments.
This new Facility sits at the parent company level and will give
added flexibility to the Company.
Evert Castelein, Investment Manager to ASLI commented:
"I am very pleased that the company is now able to announce the
signing of this new bank facility with Investec Bank. This will
increase the Company's flexibility to acquire new assets prior to
any fresh equity raise and will reduce the impact of cash drag on
investment returns.
Over the last few months we have built an interesting pipeline
of assets which would help further diversify the tenant and asset
mix. We are optimistic that the Company will shortly be in a
position to announce the start of due diligence on some of
these.
The logistics sector continues to grow with the increasing
demand from market participants for newer, quality warehousing
driven by their demand for increased space both for the re-shoring
of operations and to address the rise in e-commerce demands."
For further information please contact:
Aberdeen Asset Management PLC +44 (0) 20 7463 6000
Luke Mason
Gary Jones
Investec Bank plc +44 (0) 20 7597 4000
Dominic Waters
Neil Brierley
Will Barnett
Alice Douglas
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