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Tritax Big Box agrees £50m secured debt

19 December 2016 07:48

Tritax Big Box REIT has agreed an additional £50 million term loan to the £500 million secured debt facility agreed with a syndicate of four lenders in October 2015. The additional term loan has been agreed with Wells Fargo Bank, one of the existing syndicate lenders, on the same terms as the original facility.

The additional term loan will expire at the same time as the original facility in October 2020.

Subject to lender support, the company has a 12 month extension option available on the enlarged loan, which is exercisable in October 2017. The group has until 28 February 2017 to fully utilise the additional term loan.

The group has a current weighted average all-in cost of borrowing of 1.89% and a weighted average capped cost of borrowing of 2.82%. 99.7% of drawn debt is subject to hedging arrangements. The group's current loan to value ratio is approximately 31% with a medium term target of 40%.

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Related Company: BBOX

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