DEBT FINANCING UPDATE

RNS Number : 7627L

Supermarket Income REIT PLC

14 September 2021

 

SUPERMARKET INCOME REIT PLC

(the "Company")

LEI: 2138007FOINJKAM7L537
 

DEBT FINANCING UPDATE

Supermarket Income REIT plc (LSE: SUPR), the real estate investment trust providing secure, inflation-protected, long income from grocery property in the UK, announces that it has arranged a £61.3 million increase to its Revolving Credit Facility ("RCF") with Wells Fargo, a £20.0 million increase of the secured term loan with Deka and a one-year extension alongside a £10.0 million increase to its RCF with HSBC.

The Company has exercised its accordion option under the Wells Fargo RCF, meaning the RCF has increased by £61.3 million. The remaining £38.7 million of the accordion remains undrawn and is exercisable at any time over the term of the RCF. This secured, interest-only, RCF has a remaining term of four years and two further one-year extension options. The new tranche has a term of two years plus three one-year extension options and a margin of 1.40% above SONIA, which is currently equivalent to a total cost of c.1.45%.

The secured term loan with Deka was increased by £20.0 million to £96.6 million for the remaining three-year term with two further one-year extension options. The new tranche of the secured term loan has a fixed rate of 1.70%.

The existing RCF with HSBC has been extended by one year, representing a remaining term of two years. This RCF was increased by £10.0 million to £150.0 million, at a margin of 1.75% over SONIA which is currently equivalent to a total cost of c.1.80%.

Ben Green, Director of Atrato Capital Limited, the Investment Adviser to Supermarket Income REIT plc, said:

"We are pleased to be deepening our relationships with Wells Fargo, Deka and HSBC who have been key debt funding partners. These transactions demonstrate continuing lender appetite and provide us with competitively priced debt funding to help us grow as we explore further acquisition opportunities."

FOR FURTHER INFORMATION
Atrato Capital Limited	[phone]
Steve Noble / Rob Abraham / Carcie Rogers	[e-mail]
Stifel Nicolaus Europe Limited	[phone]
Mark Young / Matt Blawat / Rajpal Padam
FTI Consulting	[phone]
Dido Laurimore / Eve Kirmatzis / Andrew Davis	[e-mail]

NOTES TO EDITORS:

Supermarket Income REIT plc (LSE: SUPR) is a real estate investment trust dedicated to investing in grocery properties which are an essential part of the UK's feed the nation infrastructure. The Company focuses on grocery stores which are omnichannel, fulfilling online and in-person sales. All of the Company's 56 supermarkets⁽¹⁾ are let to leading UK supermarket operators, diversified by both tenant and geography.

The Company provides investors with attractive, long-dated, secure, inflation-linked, growing income with the potential for capital appreciation over the longer term and targets a 7% to 10% p.a. total shareholder return over the medium term⁽²⁾. The Company has increased its dividend target in line with UK RPI inflation each year.

The Company's ordinary shares were admitted to trading on the Main Market of the London Stock Exchange, Specialist Fund Segment, on 21 July 2017.

Atrato Capital Limited is the Company's Investment Adviser.

Further information is available on the Company's website www.supermarketincomereit.com

(1)  30 directly owned supermarkets, plus 26 via joint venture

(2)  There is no certainty that these illustrative projections will be achieved

 

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