LondonMetric Property PLC COMPLETION OF GBP780 MILLION OF DEBT REFINANCINGS (3145X)
May 04 2021 - 1:00AM
UK Regulatory
TIDMLMP
RNS Number : 3145X
LondonMetric Property PLC
04 May 2021
4 May 2021
LONDONMETRIC PROPERTY PLC
LONDONMETRIC COMPLETES ON GBP780 MILLION OF DEBT
REFINANCINGS
Further to its announcement on 25 March 2021 that it had priced
a GBP380 million private debt placement ("Placement"), LondonMetric
Property Plc ("LondonMetric" or "Company") is pleased to announce
the completion of the Placement which has a blended maturity of
11.1 years and a blended coupon of 2.27%.
Simultaneously with the completion of the Placement, the Company
also announces the completion of two new revolving credit
facilities (RCFs) totalling GBP400 million. They comprise:
-- GBP175 million facility for a five year term with two plus
one year options with Wells Fargo;
-- GBP225 million facility for a three year term with two plus
one year options with NatWest, Barclays, HSBC and Santander.
Taken together with the Placement, the Company has completed
GBP780 million of new debt, replacing the existing GBP444 million
RCF due to mature in April 2022 and two bilateral loans with Wells
Fargo of GBP75 million and HSBC of GBP75 million. The Company will
also repay its GBP130 million secured debt facility with Helaba.
Overall, the refinancings increase the Company's loan maturity by 4
years to 8.2 years and the average cost of debt on a drawn basis
will be 2.6% (31 March 2020: 2.9%).
As disclosed previously, a GBP50 million tranche of the
Placement ("Green Notes") is subject to a green framework under
which spend is allocated to highly sustainable buildings. The Green
Notes are priced two basis points inside the equivalent non green
notes.
The RCFs also have a green framework structured in accordance
with the Loan Market Association's sustainability linked loan
principles. Sustainability performance targets ("Targets") have
been set which are aligned to LondonMetric's Responsible Business
targets. The Targets focus on EPC ratings, renewable installations
and developments meeting a minimum BREEAM Very Good standard. The
pricing of the RCFs is subject to a two basis point adjustment for
compliance/non-compliance with the Targets.
Martin McGann, Finance Director of LondonMetric commented:
"We have undertaken very significant refinancings of our debt
position and are delighted with the support shown by our RCF
lenders and the increased diversification of our private placement
investors in North America and the UK. These refinancings lengthen
our debt maturity and reduce our overall cost of borrowing."
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann / Gareth Price
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Richard Gotla / Andrew Davis
Tel: +44 (0) 20 3727 1000
The notes relating to the Placement have not been and will not
be registered under the Securities Act of 1933, as amended, or the
securities laws of any other jurisdiction, and may not be offered
or sold in the United States absent registration or an applicable
exemption from registration requirements.
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