Bank Financing

RNS Number : 5408R

SEGRO PLC

04 November 2011

 



DATE 04 November 2011

SEGRO signs €440 million of five year bank facilities

SEGRO, Europe's leading industrial REIT, is pleased to announce that it has today put in place €440 million (£380 million) of revolving, multi-currency, five year bank facilities.  

These facilities have an initial margin over LIBOR of 160 basis points, with the potential to reduce to 150 basis points if gearing is below 75%.  The other principal terms and conditions are identical to those contained in the Group's other bank financings.

The facilities have been put in place with a number of core relationship banks including Barclays Capital, HSBC Bank plc, Lloyds Banking Group, Royal Bank of Scotland plc and Santander UK plc as Mandated Lead Arrangers and Bookrunners, and Banc of America Securities Limited, BNP Paribas and J.P. Morgan Ltd., as Lead Arrangers. Barclays Capital acted as sole Coordinator of the facilities.

The primary purpose of the new facilities is to refinance SEGRO's £270 million syndicated bank facility, which was due to mature in January 2013, but which has now been prepaid and cancelled in full.

Commenting on this refinancing, Justin Read, SEGRO's Finance Director said:

"This refinancing provides SEGRO with considerable flexibility over the next five years and further strengthens our already robust funding position. 

We are very pleased that a strong group of banks has supported us in increasing the committed bank facilities available to the Group, particularly since it has been done at broadly comparable all-in cost to the facility being replaced.  With this new five year financing now in place, the Group has no further significant refinancing needs before 2014."

For further information please contact:

SEGRO	[phone] + 44 (0) 207 451 9060	Alex Shorland-Ball, Head of Investor Relations Andrew Pilsworth Group Treasurer
Tulchan Communications	[phone]	John Sunnucks/ David Shriver

For further information please contact:

About SEGRO

SEGRO is Europe's leading developer and owner of industrial space. The Group is a Real Estate Investment Trust (REIT) and is listed on the London Stock Exchange. SEGRO's portfolio comprises £5.4 billion of predominantly industrial and warehouse assets concentrated in and around major business centres and transportation hubs such as ports, airports and motorway intersections. The Group serves over 1,600 customers spread across many geographies and different industry sectors. It has 5.5 million sq m of built space and a passing rent roll of £340 million (as at 30 June 2011). 

 

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