Revolving bank facility

 

The Group signed a £450 million unsecured revolving credit facility (RCF) on 11 October 2018. The facility has an initial five year term which may be extended to a maximum of seven years at GPE's request, subject to bank consent.

The financial covenants in respect of this facility are as follows:

  • The ratio of Consolidated Net Borrowings to Consolidated Shareholders’ Funds must not exceed 1.25:1
  • The ratio of Unencumbered Asset Value to Consolidated Unsecured Borrowings must not be less than 1.66:1
  • The ratio of Consolidated Profits Before Interest and Tax to Consolidated Net Interest must not be less than 1.35:1

The margin payable on the facility depends on a ratchet mechanism based on the ratio of Consolidated Net Borrowings to Consolidated Shareholders’ Funds. The margin ratchet is 92.5 - 152.5 basis points (over LIBOR).

As at 30 September 2018, the Group was undrawn on the new facility.

 

 

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