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United Kingdom : BIG YELLOW GROUP inks £145 million loan facility

August 20, 2014

Big Yellow Group Plc has announced completion of the refinancing of its existing Group bank facilities.

Big Yellow would benefit from a lower average cost of debt as well as an increased average unexpired term of its debt facilities to 7.8 years.

The Group has entered into a five-year 145 million pounds loan facility with Lloyds Bank plc and HSBC Bank plc, which is set to expire in August 2019, while 50% of the bank facility is term and 50% is revolving.

The term loan comes with a margin of 175bps and the revolving loan has a margin of 150 bps, reflecting a reduction of 75bps from an earlier facility.

Once completed, the 145 million pounds five-year bank facility has 72 million pounds drawn.

Additionally, the Group has also entered into a new 70 million pounds worth facility with M&G Investments Ltd., for a period of 7 years from the date of drawdown, that can take place at any time in the period up to June 29, 2015. The loan would be secured over a portfolio of 15 freehold self storage centres.

The Group has also agreed a short term bridging facility of 70 million pounds with Lloyds Bank plc, which is to be repaid immediately on the drawdown of the M&G loan.

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Source: TendersInfo (India)

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