£215 Million Joint Venture Debt Financing
Completed £215 million secured term loan for joint venture with Blue Owl, priced at SONIA plus 1.5%.
- Joint venture debt facility £215 million
- Facility margin 1.5% above SONIA
- Facility maturity 3 years plus two 1-year options
- Company's share of proceeds 50%
- Current LTV (look-through basis) c.31%
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Supermarket Income REIT plc (LSE: SUPR) announces the completion of a new £215 million secured term loan for its joint venture (the "JV") with funds managed by Blue Owl Capital ("Blue Owl"), through a bank syndicate comprising Barclays, HSBC, ING and SMBC (the "Facility").
The interest-only Facility has a maturity of three years, with two further one-year extension options at the lenders' discretion. The Facility is priced at a margin of 1.5% above SONIA and the joint venture intends to hedge the drawn amount for the three-year initial term of the Facility.
The Company will receive 50% of the proceeds from the Facility, which will initially be used to repay drawings under the Company's existing debt facilities, prior to redeployment. The Company's current LTV, inclusive of JV debt on a look through basis, is c.31%.
Robert Abraham, CEO of Supermarket Income REIT, commented:
"We are pleased by the lender support and attractive pricing for this new facility, which highlights the strength of our relationships with existing lending banks, as well as the attractiveness of our high-quality grocery assets."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.