Great Portland Estates plc ("GPE" or the “Group”) announces that it has signed a £450 million unsecured revolving credit facility (“RCF”) at a headline margin of 92.5 basis points over LIBOR with a group of six existing relationship banks. 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.
This facility includes GPE’s standard unsecured financial covenants and is an amendment and extension of the Group’s £450 million RCF signed in October 2014 at a headline margin of 105 basis points which was due to mature in October 2021.
Following this transaction and the recent redemption for cash of the Group’s £150 million convertible bond, GPE has no Group level debt maturities until the initial expiry of this amended facility in October 2023.
The participating banks are NatWest, Santander Corporate & Investment Banking, Wells Fargo, Lloyds Bank plc, Crédit Agricole CIB and Bank of China.