Refinancing of M&G debt facility

RNS Number : 8469Y

Big Yellow Group PLC

09 September 2022

 

9 September 2022

Big Yellow Group PLC

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

Refinancing of M&G debt facility

The Group is pleased to announce that it has refinanced its £120 million debt facility with M&G Investments ("M&G") for a seven year term, with the new loan expiring in September 2029, secured against a portfolio of 15 assets.  The existing facility was due to expire in June 2023.  £35 million of this facility is currently hedged until June 2023, and the balance is variable.

The pricing on the facility agreement was reflective of the sustainability investments that Big Yellow has made over the past few years, and our planned investment in solar over the coming years as part of our Net Renewable Energy Positive Strategy.  The margin on the facility was reduced by 20bps from the expiring facility, reflective of improved portfolio performance.

John Trotman, Chief Financial Officer of Big Yellow commented:

"We are pleased to have continued our long-standing relationship with M&G, and this refinancing is an important step in us extending the maturities of our overall debt facilities.  Following this refinancing, the current average cost of our drawn debt across all of our facilities is 3.4%."

Ida Yazdchi, Associate Director, M&G Investments

"We are delighted to continue our lending relationship for a further seven years with Big Yellow. The portfolio's resilient performance over the last decade coupled with Big Yellow's focus on investing in sustainable energy across the portfolio are strong positives for us."

Enquiries:

James Gibson, Chief Executive Officer	01276 477811
John Trotman, Chief Financial Officer	01276 477811
Teneo	0203 603 5221
Ben Foster

 

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