Great Portland Estates plc (“GPE”) announces that it has entered into a new £150 million five year unsecured revolving credit facility. The facility has a headline margin of 175 basis points over LIBOR and was provided by a group of four relationship banks.
This new facility replaces an existing £50 million (previously £200 million) facility which was due to mature in July 2012. In addition to this new facility, GPE retains its existing £350 million unsecured revolving credit facility which matures in November 2015.
Taking into account the purchase of five properties from the Great Capital Partnership also announced today, GPE currently has undrawn committed facilities and cash of more than £200 million.
"We are delighted to have arranged this attractive facility which provides flexibility going forward. In the current credit environment, the continued support from our high quality bank group is a vote of confidence in our focused business strategy, prime Central London property portfolio and conservative capital structure."
