Panther pounces for £68m refinance

Panther Securities has completed a £68m refinancing of its loan facilities. The new four-year facility from HSBC and Santander comprises a £55m term loan and a £13m revolving facility, with an interest rate of 2.3% over three-month Sonia. Panther said it was providing “very similar covenants” to its previous facility, securing it against a charged portfolio consisting of 100 properties valued at a combined £163m. Separately, Ground Rents Income Fund has refinanced a £25m loan facility with Santander, which was due to expire in January 2025. The loan was agreed in 2019, comprising a £12.5m term loan and a £12.5m revolving credit facility. The new deal is a £19.5m facility with an extension in the loan term from January 2025 to 10 July 2026. ​The new loan has a margin of 2.75% per annum, an increase of 90 basis points compared to the previous margin of 1.85% per annum.