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LONDON - Tritax Big Box REIT plc (LSE:BBOX) has secured a new £400 million unsecured revolving credit facility to refinance its existing £300 million facility, the company announced Monday.
The new facility maintains the same margin as the previous one with an opening margin of 110 basis points and provides a five-year term with an option to extend for two additional years, subject to lender consent. It also includes an uncommitted £200 million accordion option.
The credit facility will be used for general corporate purposes, including investment and development activities. The lending syndicate comprises 11 banks, including both existing relationship banks and new lenders.
In addition to the revolving credit facility, Tritax has refinanced £150 million in bilateral bank facilities with Barclays (LON:BARC) through a new term loan maturing in October 2027, with potential extension options of up to three years. This term loan incorporates a sustainability-linked margin adjustment.
Both facilities include provisions for margin reductions should the company receive a potential future credit rating upgrade to A3 or higher by Moody’s or equivalent ratings from S&P or Fitch.
Frankie Whitehead, Partner and CFO for Tritax Big Box REIT, said the new facility "will increase available liquidity and supports our ongoing ability to execute our strategy, including our attractive logistics and data centre development opportunities whilst maintaining an average cost of debt in line with the level we reported at FY24."
The company was advised on the transaction by Lazard (NYSE:LAZ) & Co., Limited, according to the press release statement.
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