Picton Property Income Ltd - Picton Refinances 2021 Revolving Credit Facilities
PR Newswire
London, May 29
1 June 2020
PICTON PROPERTY INCOME LIMITED
("Picton", the "Company" or the "Group")
LEI: 213800RYE59K9CKR4497
Picton Refinances 2021 Revolving Credit Facilities
Picton announces the completion of a new £50 million revolving credit facility (RCF) to replace two existing facilities that were due to expire in June 2021.
The new facility is for an initial term of three years with the option of two, one-year extensions and is secured on the same eight assets. Currently undrawn, the RCF will incur interest at 150 basis points over LIBOR on drawn balances and an undrawn commitment fee of 60 basis points, which is a lower cost than the facilities it replaces.
If fully utilised, the Company's combined debt maturity would be 8.3 years and the weighted average interest rate would reduce from 4.2% to 3.7% pa.
Andrew Dewhirst, Finance Director of Picton, commented:
"This new facility provides Picton with longer term operational flexibility, ensuring we maintain an efficient balance sheet that can be easily adjusted according to market conditions. We have primarily long-dated debt and a low LTV of 22%, which now includes access to £50 million of funding for a minimum of three years."
For further information:
Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150, james.verstringhe@tavistock.co.uk
Picton
Michael Morris, 020 7011 9980, michael.morris@picton.co.uk
Note to Editors
Picton, established in 2005, is a UK REIT. It owns and actively manages a £665 million diversified UK commercial property portfolio, invested across 47 assets and with around 350 occupiers (as at 31 March 2020). Through an occupier focused, opportunity led approach to asset management, Picton aims to be one of the consistently best performing diversified UK focused property companies listed on the main market of the London Stock Exchange.
For more information please visit: www.picton.co.uk
