REG - Shaftesbury Capital - New medium-term bank loan of £300 million

Shaftesbury CapitalAnnouncement

05/12/2023 07:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231205:nRSE7000Va&default-theme=true

RNS Number : 7000V  Shaftesbury Capital PLC  05 December 2023

5 December 2023

 

 

Shaftesbury Capital PLC

 

New medium-term bank loan of £300 million

 

Shaftesbury Capital PLC (the "Company") is pleased to announce that it has
signed a £300 million unsecured loan agreement (the "Facility") with an
initial maturity of three years, with the option to extend the tenor by a
further two periods of one year each, subject to lender approval.

The proceeds of the Facility, combined with the existing cash resources of the
Company, will be used to repay the remaining balance (£376 million) of the
unsecured loan, which was arranged at the time of the merger and drawn in
April 2023 to fund the repayment of the Shaftesbury PLC secured bonds. The
unsecured loan is due to mature in 2024. As announced in the trading update on
27 November 2023, cash balances at 30 September 2023, adjusted for recent
asset sales, were approximately £200 million and the Covent Garden revolving
credit facility of £300 million is undrawn.

The Facility comprises term loan and revolving credit elements, which will
provide the Company with the flexibility to manage the level of drawn debt,
liquidity and finance costs. The Facility includes a £125 million uncommitted
accordion feature which may allow the Company to increase the total revolving
facility commitments.

As a result of the refinancing, the weighted average maturity of the Company's
drawn debt will be extended to over 5 years. The current weighted average cost
of debt is unchanged at 4.2 per cent, which reduces (taking into account
interest income on cash deposits and the benefit of interest rate hedging) to
an effective cash cost of 3.3 per cent.

The Facility has been provided by Santander UK PLC, HSBC UK Bank PLC and BNP
Paribas, London Branch. The Company was advised on the Facility by Rothschild
& Co and Herbert Smith Freehills.

Situl Jobanputra, Chief Financial Officer of Shaftesbury Capital,
commented, "We are pleased to have completed the early refinancing of the
£576 million loan through this facility and other initiatives this year,
which highlight the attractiveness of our exceptional portfolio and further
enhance our capital structure."

 

-ENDS-

 

Enquiries

Shaftesbury Capital PLC:               +44 (0)20 3214 9150

Situl Jobanputra                              Chief Financial
Officer

Sarah Corbett                                  Director of
Commercial Finance and Investor Relations

Graham Keer                                   Group
Treasurer

 

 

 

 

About Shaftesbury Capital

Shaftesbury Capital PLC ("Shaftesbury Capital") is the leading central London
mixed-use REIT and is a constituent of the FTSE-250 Index. Our property
portfolio, valued at £4.9 billion as at June 2023, extends to 2.9 million
square feet of lettable space across the most vibrant areas of London's West
End. With a diverse mix of restaurants, cafés, bars, shops, residential and
offices, our destinations include the high footfall, thriving neighbourhoods
of Covent Garden, Carnaby, Soho and Chinatown, together with holdings in
Fitzrovia. Our properties are close to the main West End Underground stations
and transport hubs for the Elizabeth Line. Shaftesbury Capital shares are
listed on the London Stock Exchange and the Johannesburg Stock Exchange.

 

www.shaftesburycapital.com (http://www.shaftesburycapital.com/)

 

Our purpose

 

Our purpose is investing to create thriving destinations in London's West End
where people enjoy visiting, working and living.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDTABFTMTAMMLJ