Great Portland Estates has signed a new £450m unsecured revolving credit facility (RCF) with a group of seven banks including new relationships with Bank of China and Wells Fargo.
The additional five banks are: RBS, Santander, HSBC, Lloyds Bank and Crédit Agricole CIB.
The five year RCF, with an option to extend up to seven years, has a headline margin of 105 basis points over LIBOR and its terms include GPE’s standard unsecured financial covenants.
The RCF replaces the £350m and £150m facilities which were due to mature in November 2015 and February 2017, respectively.
Following this transaction, GPE currently has undrawn committed facilities and cash of approximately £400m and the next group level debt maturity is not until June 2018.
In a statement, Nick Sanderson, finance director of GP, said: “We are pleased to have arranged this competitively priced facility with our relationship banks. By taking advantage of current market conditions, this facility adds further flexibility to our already strong and well diversified debt book.
“The level of support for this facility is a continued vote of confidence in our focused business model, prime central London property portfolio and conservative capital structure.”