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Picton Property refinances revolving credit facility
(Sharecast News) - Picton Property Income announced on Friday that it has completed the refinancing of its £50m revolving credit facility with NatWest Bank, ahead of the facility's original maturity in May. The London-isted firm said the new agreement provided an initial term of three years, with the option to extend for two additional one-year periods.
Under the terms of the new facility, interest would be charged at 165 basis points above SONIA for the first £25m drawn, and 170 basis points for amounts above that.
A commitment fee equal to 40% of the applicable margin applied to undrawn amounts.
The facility remained undrawn at present.
Picton said its remaining borrowings totalled £210m, all of which were fixed at an average interest rate of 3.7% with no maturity before 2031.
"We are delighted to have completed this refinancing with NatWest and continue our strong ongoing relationship with the team," said chief financial officer Saira Johnston.
"The RCF will continue to provide operational flexibility and future investment opportunities."
At 1330 BST, shares in Picton Property Income were up 1.19% at 76.7p.
Reporting by Josh White for Sharecast.com.
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