Helical enters into new £400m credit facility
Helical has agreed an amended and restated £400m revolving credit facility with its lenders Barclays Bank, HSBC, National Westminster Bank and Wells Fargo Bank.
It replaces the REIT’s existing £150m RCF and the £200m development facility on the company’s largest asset, The Bower, EC1. The amount that had been withdrawn from both of these facilities has been repaid.
The new facility, initially repayable in July 2024, has two one-year extension options.
Helical has agreed an amended and restated £400m revolving credit facility with its lenders Barclays Bank, HSBC, National Westminster Bank and Wells Fargo Bank.
It replaces the REIT’s existing £150m RCF and the £200m development facility on the company’s largest asset, The Bower, EC1. The amount that had been withdrawn from both of these facilities has been repaid.
The new facility, initially repayable in July 2024, has two one-year extension options.
The terms of the new RCF allow drawdowns of up to 60% of value and, on completion, the facility was £221m drawn at 47% LTV, leaving £179m available for future acquisitions.
Tim Murphy, finance director at Helical, said: “With just four floors (12% of space) remaining to be let at The Bower, this new RCF secures the long-term refinancing of this key asset together with a portfolio of London and Manchester offices.
“The new facility extends the average maturity of the company’s borrowings to 4.7 years (31 March 2019: 2.7 years) and reduces the weighted average interest rate to 3.6% (31 March 2019: 4.0%).”
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