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SLI extends GBP145m of existing debt facility

28 April 2016 09:38

Standard Life Investments Property Income Trust subsidiary Standard Life Investments Property Holdings Ltd, and various of its subsidiaries, has entered into an agreement to extend GBP145m of its existing GBP155m debt facility with Royal Bank of Scotland.

The debt facility consists of a GBP110m, seven-year term loan facility and a GBP35m, five-year revolving credit facility. The Revolving Credit Facility may by agreement be extended by one year on two occasions.

The GBP145m has been drawn down by the Group and its loan to value currently stands at approximately 29.5%, which is in line with the Board's stated target level of between 25% and 35% loan to value. The interest cover for the Group is now about 780%.

Interest is payable on the Term Loan at LIBOR plus 1.375% and on the Revolving Credit Facility at LIBOR plus 1.2%. This equates to a rate of 2.725% on the Term Loan (including an interest rate swap entered into between the Property Subsidiary and The Royal Bank of Scotland plc) and 1.78% on the Revolving Credit Facility (based on LIBOR of 0.58% as at 27 April 2016) which together give an attractive current blended rate of 2.5% (based on the Revolving Credit Facility being fully drawn).

The loan is secured over the Group's existing property portfolio including new security over the majority of the 22 properties acquired in December 2015.

At 9:38am: (LON:SLI) Standard Life Investment Property Inc Trust share price was -0.37p at 87.13p

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