Joint Venture Refinancing Update
SUPR increases joint venture secured term loan by £222m to £437m, maturing June 2028.
- Secured term loan increased to £437 million
- Proceeds to SUPR £111 million
- Margin above SONIA 1.65%
- All-in rate (fixed) 5.24%
- LTV after transaction 43%
- Facility maturity June 2028
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Supermarket Income REIT plc (LSE: SUPR, JSE: SRI) announces that it has increased its secured term loan with a bank syndicate comprising Barclays, HSBC, ING, Lloyds and Crédit Agricole CIB (the "Facility"), for its joint venture (the "JV") with funds managed by Blue Owl Capital ("Blue Owl"), by £222 million to £437 million.
The interest-only facility matures in June 2028, and benefits from two one-year extension options at the lenders' discretion. The increased facility is priced at a margin of 1.65% above SONIA and the cost is fixed for the duration of the facility at an all-in rate of 5.24%.
The Company will receive 50% of the proceeds from the increased Facility, which will be used to refinance the Company's near-term debt maturities. After the transaction, the Company's LTV, including debt within the joint venture, is 43%.
Mike Perkins, CFO of Supermarket Income REIT, commented:
"We are very pleased with the continued support shown by our existing lenders, and are equally pleased to welcome two new lenders, Lloyds and Crédit Agricole CIB, to the syndicate. The Company continues to have good access to capital, highlighting the strength of our relationships with lenders and the attractiveness of top performing grocery real estate assets."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.