Great Portland Estates secures new £525m unsecured revolving credit facility

(Sharecast News) - Property development and investment firm Great Portland Estates has signed a new £525m ESG-linked unsecured revolving credit facility with a group of four existing relationship banks. Great Portland Estates said the facility has a headline margin of 105 basis points over SONIA, with an initial five-year term, which may be extended to a maximum of seven years at its request, subject to bank consent.

The FTSE 250-listed firm stated the new RCF replaces its existing £450m facility and will be available for general corporate purposes.

In addition, GPE has exercised the first extension option on its existing £150m ESG-linked revolving credit facility, extending its maturity to October 2028.

Total bank facilities remained unchanged at £675m, with its refinancing activities increasing its weighted average debt maturity by approximately two years on a fully drawn basis.

Chief financial officer Nick Sanderson said, "We are delighted to have arranged our largest ever bank facility with existing relationship banks, demonstrating strong support for our focused strategy. Along with our existing £150m RCF, our bank debt facilities provide further flexibility for us as we allocate capital into our development and refurbishment pipeline, delivering premium spaces for our customers."

As of 0855 BST, GPE shares were up 0.46% at 348.60p.

Reporting by Iain Gilbert at Sharecast.com