Big Yellow Signs 5-year £145 Mln Loan Facility With Lloyds Bank & HSBC Bank

(RTTNews) - Big Yellow Group Plc (BYG.L) has completed the refinancing of its existing Group bank facilities. As a result, Big Yellow would benefit from both a lower average cost of debt and an increased average unexpired term of its debt facilities to 7.8 years. The Group has reached a five-year 145 million pounds loan facility with Lloyds Bank plc and HSBC Bank plc, expiring in August 2019, while 50% of the bank facility is term and 50% is revolving. The term loan attracts a margin of 175bps and the revolving loan a margin of 150 bps, reflecting a reduction of 75bps from the previous facility. Upon completion, the 145 million pounds five-year bank facility has 72 million pounds drawn, the company said. Further, the Group has signed a new 70 million pounds worth facility with M&G Investments Ltd., the term of which would be 7 years from the date of drawdown, that can occur at any time in the period up to June 29, 2015. The loan would be secured over a portfolio of 15 freehold self storage centres. In addition, the Group has agreed a short term bridging facility of 70 million pounds with Lloyds Bank plc, repayable immediately on the drawdown of the M&G loan.