Empiric Student Property concludes debt refinancing

Empiric Student Property has refinanced £32.8m of existing debt which was due to expire in October. Its existing lender AIB Group has agreed to extend the facility by four years to the end of October 2024 with a reduced interest cost of 1.7% per year, commencing 30 April. Empiric Student Property reported that it had now concluded all its refinancing for 2020, with its next refinancing not due until November 2022. In addition, since its last update at the end of March, the business said it had also drawn down £10m of debt and deferred the balance of its development pipeline, with the corresponding £12m development debt also being deferred. The student accommodation provider’s loan-to-value covenant stands at 65%, actual LTV of 35% and interest ratio covenant of 216% compared to actual ICR of 397%. In addition, the group has £134m of uncharged assets, £14m of cash and £35m of undrawn debt facilities available. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette