British Land confirmed that the new five year unsecured revolving credit facility signed in May 2013 has closed at £310 million (approx. €364 million), following the addition of a further bank. The facility, which has an initial margin of 135bps pa, was increased from £200 million (approx. 235 million) at launch due to over subscription. The terms include British Land's standard unsecured financial covenants.
Lloyds Banking Group is Facility Agent and Co-ordinator. Lloyds, Royal Bank of Scotland and Bank of Tokyo-Mitsubishi UFJ, Ltd. were Bookrunners.
JP Morgan, Scotiabank and Mega International Commercial Bank, being new lending relationships for British Land, together with Bank of China and Santander joined the Bookrunners in providing commitments.
Lucinda Bell, Finance Director, said: "We are delighted with the success of this syndicated facility and with the support from both existing lenders and several banks new to the British Land relationship. Our ability to continue to access diverse sources of low cost debt finance is a key competitive strength. It provides us with the resources and flexibility to pursue our objectives and grow the business."
Source: British Land
