LXi wraps up refi with £565m deal

LXi REIT has signed a £565m loan, the final step of a wider refinancing of £773m in near-term debt. The latest deal is a secured interest-only debt facility with a syndicate of existing lenders. It comprises a £200m five-year revolving credit facility, a £115m five-year term loan and a £250m three-year term loan. The blended margin is 2.23% over the Sonia benchmark, with an interest rate cap taking the all-in rate to 4.23% for the first three years. LXi’s total borrowings now stand at £1.29bn, down from £1.31bn before the refinancing. Its weighted average debt maturity is six years. Chairman Cyrus Ardalan said: “The combination of the medium-term and revolving bank facilities, along with long-term institutional facilities, provides the company with operational flexibility, including an ability to migrate further to unsecured/debt capital markets funding in due course.” Rothschild & Co advised LXi. To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Image by Stocktake/imageBROKER/Shutterstock