Grainger extends core banking facilities to 2033

(Sharecast News) - Residential landlord Grainger said on Monday that it has agreed an extension on £540m of its core banking facilities to 2033 with AIB, Barclays, HSBC and NatWest. It said the extensions further strengthen the company's balance sheet with weighted average facility maturity including extension options increasing to 4.6 years.

The extensions were agreed at lower margins, resulting in an annual saving of about £1m in finance costs. Grainger said this is in line with its previously stated plan to deleverage by £300m to £350m by FY29.

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