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20 Dec 2018 | 08:52

Empiric Student Property refinances debt with new £86.1m facility

Empiric Student Property on Thursday refinanced its existing £86.1m debt with a new 10 year, fixed rate term loan facility with Scottish Widows Limited.

The new facility was interest only and fixed at 3.196% per annum for 10 years.

Upon drawdown of the new facility, the company's debt servicing costs on the refinanced debt would be reduced and the company's average debt maturity profile across all facilities would extend to eight years.

The company said £30.6m of the new facility would be drawn in the near term, with the remaining £55.5m expected to be drawn towards the end of October 2019. Story provided by
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