Tritax EuroBox PLC New Bank Facility (6859E)
October 22 2018 - 2:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 6859E
Tritax EuroBox PLC
22 October 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, BY ANY MEANS OR MEDIA IN OR INTO THE
UNITED STATES, AUSTRALIA, CANADA, ISRAEL, JAPAN, NEW ZEALAND, THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO
MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW.
22 October 2018
TRITAX EUROBOX PLC
(the "Company")
EUR200 MILLION UNSECURED REVOLVING CREDIT FACILITY
The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE
(Euro)), which invests in Continental European logistics assets, is
pleased to announce it has entered into a new EUR200 million
unsecured revolving credit facility (the "New Facility"). The New
Facility will provide the Company with flexible committed capital,
at an attractive margin, to help finance the acquisition of
investment opportunities in its strong identified pipeline.
The New Facility has an opening margin of 1.55% and an initial
maturity of five years which can be extended, subject to lender
support, by two further years, up to a maximum maturity of seven
years.
When fully drawn down, the loan to value ratio ("LTV") of the
Company's portfolio will be approximately 38% against a medium term
LTV target of 45%.
The syndicate for the New Facility comprises HSBC Bank plc and
BNP Paribas, London Branch. HSBC Bank plc will act as agent for the
New Facility. The Company was advised on the financing by Lazard
& Co., Limited.
Nick Preston, Fund Manager for Tritax EuroBox plc,
commented:
"This financing represents a significant milestone for the
Company following its Initial Public Offering in July 2018. The
EUR200 million New Facility offers the Company a highly attractive
cost of debt and the unsecured structure provides significant
operational flexibility, underlining the support for our strategy
and strong sector fundamentals.
We are delighted that HSBC Bank plc and BNP Paribas, London
Branch have supported us in this financing and we look forward to
developing these relationships and new ones with additional banks
to provide further flexible liquidity as the Company increases the
size of its portfolio."
For further information, please contact:
Tritax Group via Newgate below
Nick Preston
James Dunlop
Ben Freeman
Lazard (Financial Adviser)
Ranjit Munro
Vasco Litchfield
Caroline Kracke +4420 7187 2000
Jefferies International Limited
Gary Gould
Stuart Klein +44 (0) 20 7029 8000
Kempen & Co N.V.
Dick Boer
Thomas ten Hoedt +31 (0) 20 348 8500
Newgate (Communications Adviser) +44 (0) 20 7680 6550
James Benjamin tritax@newgatecomms.com
Anna Geffert
The Company's LEI is: 213800HK59N7H979QU33
NOTES:
Tritax EuroBox plc intends to acquire and manage a
well-diversified portfolio of well-located Continental European
logistics real estate assets that are expected to deliver an
attractive capital return and secure income to shareholders. These
assets will fulfil key roles in the logistics and distribution
supply-chain focused on the most established logistics markets and
on the major population centres across core Continental European
countries.
Occupier demand for Continental European logistics assets is in
the midst of a major long-term structural change principally driven
by the growth of e-commerce. This is evidenced by technological
advancements, increased automation and supply-chain optimisation,
set against a backdrop of resurgent economic growth across much of
Continental Europe.
The Company's Manager, Tritax Management LLP, has assembled a
full-service European logistics asset management capability
including specialist "on the ground" asset and property managers
with strong market standings in the Continental European logistics
sector. The appointed asset managers Logistics Capital Partners
("LCP") and Dietz AG ("Dietz") are logistics specialists and offer
the Company exposure to high quality asset management expertise and
access to their respective development pipelines, providing
acquisition opportunities across Continental Europe.
The Company is targeting, on a fully invested and geared basis,
an initial Ordinary Share dividend yield of 4.75% p.a.(1) , which
is expected to increase progressively through regular indexation
events inherent in underlying lease agreements, and a total return
on the Ordinary Shares of 9.0% p.a.(1) over the medium-term. The
Company intends to pay dividends on a quarterly basis with
shareholders able to receive dividends in Sterling or Euro.
Further information on Tritax EuroBox plc is available at
www.tritaxeurobox.co.uk
1. Euro denominated returns, by reference to IPO issue price.
These are targets only and not profit forecasts. There can be no
assurances that these targets will be met and they should not be
taken as indications of the Company's expected or actual future
results. Accordingly, potential investors should not place any
reliance on these targets in deciding whether or not to invest in
the Company and should decide for themselves whether the targets
are reasonable or achievable.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCBFLLLVBFLFBQ
(END) Dow Jones Newswires
October 22, 2018 02:00 ET (06:00 GMT)
Tritax Eurobox (LSE:BOXE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tritax Eurobox (LSE:BOXE)
Historical Stock Chart
From Apr 2023 to Apr 2024