LONDON (dpa-AFX) - Big Yellow Group Plc (BYG.L), on Friday, announced that it has refinanced its £120 million debt facility with M&G Investments or M&G for a seven year term, with the new loan expiring in September 2029, secured against a portfolio of 15 assets.
The existing facility was due to expire in June 2023. The company noted that the £35 million of this facility is currently hedged until June 2023, and the balance is variable.
The pricing on the facility agreement was reflective of the sustainability investments that Big Yellow has made over the past few years, and the company's planned investment in solar over the coming years as part of its Net Renewable Energy Positive Strategy. The margin on the facility was reduced by 20bps from the expiring facility, reflective of improved portfolio performance.
John Trotman, Chief Financial Officer of Big Yellow said, 'We are pleased to have continued our long-standing relationship with M&G, and this refinancing is an important step in us extending the maturities of our overall debt facilities. Following this refinancing, the current average cost of our drawn debt across all of our facilities is 3.4%.'
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX