The Board of Empiric Student Property plc has secured the successful refinancing of €37.5m (£32.8m) of the Group's existing debt due to expire in October 2020. The Facility has been extended by four years to 31 October 2024 with the existing lender AlB Group. All refinancing for 2020 is now concluded and the next refinancing is not due until November 2022.
Lynne Fennah, Chief Financial and Operating Officer of Empiric Student Property plc, commented: "We are delighted to have successfully refinanced this facility early with existing lender AIB, extending the term by four years on more favourable financial terms, and we look forward to continuing to work with AIB. The Group's next refinancing is not due until November 2022."
Commenting on the Facility, Gerry Jones, Senior Director of AIB Group (UK) plc said: "We are pleased to provide Empiric with this term extension to their debt facility with AIB. The debt facility is secured against premium student accommodation in a range of key UK university cities and has been structured to meet Empiric's specific refinancing requirements."