F&C UK Real Est. Inv. Refinancing Update
November 10 2015 - 1:03AM
UK Regulatory
TIDMFCRE
F&C UK REAL ESTATE INVESTMENTS LIMITED
10 NOVEMBER 2015
REFINANCING UPDATE
Further to the announcement on 29 September 2015 by F&C UK Real Estate
Investments Limited (the "Company") in respect of the proposed refinancing of
the existing facilities with Lloyds Bank plc, the Board can now confirm that
the Group has executed a conditional GBP90 million 11 year non-amortising term
loan facility agreement with Canada Life Investments and a GBP20 million 5 year
revolving credit facility agreement with Barclays Bank plc (the "New
Facilities").
Under the New Facilities the Group will be entitled, subject to the
satisfaction of certain conditions precedent, to draw down up to GBP110 million
to finance the repayment of the GBP102 million term loan facility provided by
Lloyds Bank plc, which was due for repayment in January 2017. There is no early
repayment penalty in respect of the Existing Facility but the Group will
terminate its existing interest rate hedging arrangements entered into in
connection with the Existing Facility and is to be liable for the cost of
breaking the relevant interest rate swap which was accounted for as a
liability, net of accrued interest of GBP5.7 million at 30 September 2015. No
further swap is required given the fixed nature of the principal loan.
The Board further confirms that it has today fixed the interest rate that will
be payable over the term of the loan with Canada Life Investments at the all-in
rate of 3.36 per cent. per annum (including the yield on the relevant UK Gilt)
and the interest rate that will be payable in respect of the revolving credit
facility with Barclays Bank plc at the rate of 1.45 per cent. per annum over 3
month LIBOR. It is the Company's intention that the debt will be drawn down on
or around 13 November 2015.
All enquiries to:
Ian McBryde
Scott Macrae
F&C Investment Business Limited
Tel: 0207 628 8000
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL
Tel: 01481 745001
END
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