British Land has signed a €834m (£735m) unsecured Revolving Credit Facility (RCF) at an initial margin of 90 bps with a syndicate of 12 banks. The facility has a maturity of five years which may be extended by a further two years on British Land’s request and on each bank’s approval for its participation. This facility is an amendment and extension of the €890.8m (£785m) RCF signed in April 2014 at an initial margin of 115 bps, and includes British Land’s standard unsecured financial covenants.
Participating banks in the syndicate are: Lloyds Bank, Sumitomo Mitsui Banking Corporation, Wells Fargo Bank, MUFG Bank, Santander UK PLC, Barclays Bank PLC, Bank of China Limited, Royal Bank of Canada, The Royal Bank of Scotland, BNP Paribas, Credit Agricole Corporate and Investment Bank, and Credit Industriel et Commercial. Lloyds Bank acts as Facility Agent.
Sarah Barzycki, Group Treasurer, British Land said: “This flexible facility is the latest example of our financing and debt management activity. It provides improved liquidity at a reduced cost, extending the term of our diverse debt portfolio. We are very pleased with the level of support received from our relationship banks on this transaction.”
