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Hammerson signs £360m revolving credit facility

21 April 2017 07:22

Hammerson has announced the successful syndication and signing of a £360m unsecured revolving credit facility at an initial margin of 90 basis points with a syndicate of 14 international banks.

The facility has a maturity of five years which may be extended to a maximum of seven years. Hammerson said this new facility would refinance an existing £175m RCF maturing in April 2018.

This existing facility featured a margin of 150 basis points, so the new facility would result in a reduced margin of 60 basis points.

Hammerson said the existing facility would be cancelled resulting in a net increase of £185m of available bank facilities and increasing total bank facilities to £1.2bn.

It said the commercial terms of the new facility were the same as Hammerson's two other RCFs (a £415m RCF signed in April 2015 and a £420m RCF signed in April 2016) and included Hammerson's standard unsecured financial covenants.

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