Term Loan Facility of ?35.5m agreed with RBS

RNS Number : 2732V

Empiric Student Property PLC

24 October 2014

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT OR ANY COPY OF IT.

24 October 2014

Empiric Student Property plc

("ESP" or the "Company" or, together with its subsidiaries, the "Group")

Term Loan Facility of £35.5m agreed with RBS

Further to the Company's announcement on 3 October 2014, the Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Group has agreed a £35.5 million term loan facility (the "RBS Loan") with The Royal Bank of Scotland plc ("RBS"), to be secured against a portfolio of eight standing assets held as a lending group through a wholly owned subsidiary, Empiric Investments (One) Limited.

The RBS Loan has a term of five years from the date of drawdown and will be fully hedged via a co-terminus five year interest rate swap with NatWest Bank.  The rate of interest payable on the RBS Loan is equal a margin of 1.9 per cent. above the swap rate.  

The amounts drawn down under the RBS Loan will be segregated and non-recourse to the Company.

As set out in the IPO prospectus, the Company will maintain a conservative level of aggregate borrowings of no more than 40 per cent. of the gross asset value of the Company (calculated at the time of draw down).

For further information on the Company, please contact:

Empiric Student Property plc	(via Newgate Communications)
Paul Hadaway (Chief Executive)
Tim Attlee (Chief Investment Officer)
Michael Enright (Chief Financial Officer)
Akur Limited (Joint Financial Adviser)	Tel: [phone]
Tom Frost
Anthony Richardson
Siobhan Sergeant
Jefferies International Limited (Joint Financial Adviser and Broker)	Tel: [phone]
Gary Gould
Stuart Klein
Alex Collins
Newgate Communications (Financial PR)	Tel: [phone]
James Benjamin	Em: [e-mail]
Clotilde Gros
Georgia Lewis

Further information on ESP can be found on the Company's website at www.espreit.co.uk.

Notes:

Empiric Student Property plc (incorporated in England & Wales) is an internally managed real estate investment trust ("REIT") investing in modern, premium, student accommodation, with a focus on quality and with assets generally in prime city centre locations in top university cities in the UK.  The Company listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014. 

 

END

 

 

MSCLLFSVIALSFIS