Source - Alliance News

Shaftesbury Capital PLC - which arose in March following the all-share merger of Capital & Counties Properties PLC and Shaftesbury PLC - Signs a £300 million unsecured loan agreement, with an initial maturity of three years. Says it has the option to extend the tenor by a further two years, subject to lender approval.

Shaftesbury indicates the proceeds of the facility, combined with its existing cash resources, will be used to repay the remaining balance of £376 million of the unsecured loan. This loan was arranged at the time of the merger to fund the repayment of the Shaftesbury PLC secured bonds. Says the new facility comprises term loan and revolving credit elements. It includes a £125 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 five years.

Current stock price in Johannesburg: R 29.15, up 1.0% on Tuesday morning

12-month change: up 0.6%

Current stock price in London: 122.40 pence

12-month change: up 20%

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