Helical signs £75 million revolving credit facility with Barclays (UK)

Helical Bar has signed a new £75 million (approx. €88 million) revolving credit facility with Barclays Bank, refinancing £49.3 million of existing debt, leaving £25.7 million available to fund future acquisitions.

Assets included in the facility include offices at Shepherd’s Building, London W14 and Broadway House, London W6 and a shopping center at The Guineas, Newmarket.

The terms of this facility, repayable in October 2017, allow drawdowns of up to 63% of value. The new facility benefits from existing interest rate swaps contributing to an effective interest rate, including margin, of circa 4.4% at the current utilization level.

Commenting, Tim Murphy, Helical Bar’s Finance Director, said: “The signing of this new facility with Barclays rationalizes three facilities and extends our average debt maturity. We now have £175 million of revolving credit facilities with circa £34 million unutilized and available to fund acquisitions that offer the potential to create income and capital growth.”

Steve Sprigens, Director, Barclays Real Estate, said: “Helical is a well-established client of Barclays and we are delighted to be able to support them with their future growth plans. Our in-depth understanding of the business enabled us to deliver a financing solution to meet their needs which will allow Helical to fund future acquisitions.”

Source: Helical Bar

Related News