Helical secures new five year £400m credit facility
Source - SMW
Helical said it had entered into an amended £400m revolving credit facility with four of its lenders.
The new facility, initially repayable in July 2024, had two one-year extension options which, if exercised, would extend the repayment date to July 2026, the company said.
The facility replaces the existing £150m RCF and the £200m development facility on the company's largest asset, The Bower, London, EC1, both of which had been repaid.
The terms of the new RCF allow drawdowns of up to 60% of value and on completion the facility was £221m drawn (at 47% LTV), leaving £179m available for future acquisitions.
'With just four floors (12% of space) remaining to be let at The Bower, this new RCF secures the long term refinancing of this key asset together with a portfolio of London and Manchester offices,' said Tim Murphy, Finance Director at Helical.
'The new facility extends the average maturity of the Company's borrowings to 4.7 years (31 March 2019: 2.7 years) and reduces the weighted average interest rate to 3.6% (31 March 2019: 4.0%).'
At 9:37am: (LON:HLCL) Helical Bar PLC share price was -1.25p at 358.75p