Grainger extends core banking facility to 2033
Grainger extends £540m core banking facility to 2033 with lower margins, saving £1m annually.
- Core banking facility extended £540m
- New maturity date 2033
- Annual finance cost saving c.£1m
- Weighted average facility maturity 4.6 years
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Grainger, the UK's largest listed residential landlord and leader in Build to Rent, today announces that it has agreed an extension on £540m of its core banking facilities to 2033 with AIB, Barclays, HSBC and NatWest.
The extensions further strengthen the company's balance sheet with weighted average facility maturity including extension options increasing to 4.6 years.
The extensions were agreed at lower margins, resulting in an annual saving of c.£1m in finance costs.
This is in line with Grainger's previously stated plan to deleverage by £300-350m by FY29, targeting an LTV of 30% and Net Debt to EBITDA of 8x.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.