GPE secures £450m credit facility

Great Portland Estates has agreed a £450m unsecured revolving credit facility at a headline margin of 92.5 basis points over LIBOR with a group of six banks. The facility is an amendment and extension of GPE’s previous £450m RCF at a headline margin of 105bps, agreed in October 2014, which was a due to expire in 2021. It has an initial five-year term, but could be extended up to seven years. GPE said the agreement and its recent redemption for cash of the company’s £150m convertible bond, meant it had no group-level debt maturities until the initial expiry of the amended facility in October 2023. The participating banks are NatWest, Santander Corporate & Investment Banking, Wells Fargo, Lloyds Bank, Crédit Agricole CIB and Bank of China. Martin Leighton, director of corporate finance at GPE, said: “This transaction combined with our other proactive refinancing activities over the last 18 months have further reduced the cost and extended the term of our predominantly unsecured debt facilities.” To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette