Shaftesbury Capital PLC New medium-term bank loan of GBP300 million (7000V)
December 05 2023 - 1:30AM
UK Regulatory
TIDMSHC
RNS Number : 7000V
Shaftesbury Capital PLC
05 December 2023
5 December 2023
Shaftesbury Capital PLC
New medium-term bank loan of GBP300 million
Shaftesbury Capital PLC (the "Company") is pleased to announce
that it has signed a GBP300 million unsecured loan agreement (the
"Facility") with an initial maturity of three years, with the
option to extend the tenor by a further two periods of one year
each, subject to lender approval.
The proceeds of the Facility, combined with the existing cash
resources of the Company, will be used to repay the remaining
balance (GBP376 million) of the unsecured loan, which was arranged
at the time of the merger and drawn in April 2023 to fund the
repayment of the Shaftesbury PLC secured bonds. The unsecured loan
is due to mature in 2024. As announced in the trading update on 27
November 2023, cash balances at 30 September 2023, adjusted for
recent asset sales, were approximately GBP200 million and the
Covent Garden revolving credit facility of GBP300 million is
undrawn.
The Facility comprises term loan and revolving credit elements,
which will provide the Company with the flexibility to manage the
level of drawn debt, liquidity and finance costs. The Facility
includes a GBP125 million uncommitted accordion feature which may
allow the Company to increase the total revolving facility
commitments.
As a result of the refinancing, the weighted average maturity of
the Company's drawn debt will be extended to over 5 years. The
current weighted average cost of debt is unchanged at 4.2 per cent,
which reduces (taking into account interest income on cash deposits
and the benefit of interest rate hedging) to an effective cash cost
of 3.3 per cent.
The Facility has been provided by Santander UK PLC, HSBC UK Bank
PLC and B NP Paribas, London Branch. The Company was advised on the
Facility by Rothschild & Co and Herbert Smith Freehills.
Situl Jobanputra, Chief Financial Officer of Shaftesbury
Capital, commented, "We are pleased to have completed the early
refinancing of the GBP576 million loan through this facility and
other initiatives this year, which highlight the attractiveness of
our exceptional portfolio and further enhance our capital structure
. "
-ENDS-
Enquiries
Shaftesbury Capital PLC: +44 (0)20 3214 9150
Situl Jobanputra Chief Financial Officer
Sarah Corbett Director of Commercial Finance and Investor
Relations
Graham Keer Group Treasurer
About Shaftesbury Capital
Shaftesbury Capital PLC ("Shaftesbury Capital") is the leading
central London mixed-use REIT and is a constituent of the FTSE-250
Index. Our property portfolio, valued at GBP4.9 billion as at June
2023, extends to 2.9 million square feet of lettable space across
the most vibrant areas of London's West End. With a diverse mix of
restaurants, cafés, bars, shops, residential and offices, our
destinations include the high footfall, thriving neighbourhoods of
Covent Garden, Carnaby, Soho and Chinatown, together with holdings
in Fitzrovia. Our properties are close to the main West End
Underground stations and transport hubs for the Elizabeth Line.
Shaftesbury Capital shares are listed on the London Stock Exchange
and the Johannesburg Stock Exchange.
www.shaftesburycapital.com
Our purpose
Our purpose is investing to create thriving destinations in
London's West End where people enjoy visiting, working and
living.
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END
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