New Aviva debt facility

RNS Number : 3207I

Big Yellow Group PLC

01 April 2020

 

1 April 2020

Big Yellow Group PLC

("Big Yellow", "the Group" or "the Company")

New Aviva debt facility

As part of our ongoing management of our capital structure, Big Yellow decided in January to increase its borrowing with its long-standing lender Aviva. 

We are therefore pleased to announce that we have completed a 7 year debt facility with Aviva of £35 million at an all-in cost of 1.96%, secured over the existing Aviva security pool of 15 stores.  The all-in cost reduces to 1.91% following the installation of 50 kWh capacity solar panels at three of the stores. 

The total debt facilities from Aviva are now £117.5 million of which £82.5 million will continue to amortise down to £60 million over the remaining seven years of the loan.

This new facility provides the Group with headroom of cash and undrawn bank facilities of £73 million. 

The average cost of debt on drawn facilities is now 2.6% and the marginal cost of RCF bank debt remains at 1.35%

The Board has over the last few years worked to ensure a spread of debt maturity dates and to procure debt from a range of providers. The Group's earliest maturity is on its £70 million M&G loan in June 2023 and the Group's debt has an average maturity of 4.9 years.

Enquiries:
Nicholas Vetch, Executive Chairman	01276 477811
James Gibson, Chief Executive Officer	01276 477811
John Trotman, Chief Financial Officer	01276 477811
Teneo	0203 603 5221
Ben Foster
Matt Denham

 

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