Big Yellow Group PLC New Aviva debt facility (3207I)
April 01 2020 - 2:00AM
UK Regulatory
TIDMBYG
RNS Number : 3207I
Big Yellow Group PLC
01 April 2020
1 April 2020
Big Yellow Group PLC
("Big Yellow", "the Group" or "the Company")
New Aviva debt facility
As part of our ongoing management of our capital structure, Big
Yellow decided in January to increase its borrowing with its
long-standing lender Aviva.
We are therefore pleased to announce that we have completed a 7
year debt facility with Aviva of GBP35 million at an all-in cost of
1.96%, secured over the existing Aviva security pool of 15 stores.
The all-in cost reduces to 1.91% following the installation of 50
kWh capacity solar panels at three of the stores.
The total debt facilities from Aviva are now GBP117.5 million of
which GBP82.5 million will continue to amortise down to GBP60
million over the remaining seven years of the loan.
This new facility provides the Group with headroom of cash and
undrawn bank facilities of GBP73 million.
The average cost of debt on drawn facilities is now 2.6% and the
marginal cost of RCF bank debt remains at 1.35%
The Board has over the last few years worked to ensure a spread
of debt maturity dates and to procure debt from a range of
providers. The Group's earliest maturity is on its GBP70 million
M&G loan in June 2023 and the Group's debt has an average
maturity of 4.9 years.
Enquiries:
Nicholas Vetch, Executive Chairman 01276 477811
James Gibson, Chief Executive
Officer 01276 477811
John Trotman, Chief Financial
Officer 01276 477811
Teneo 0203 603 5221
Ben Foster
Matt Denham
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
MSCSDMESFESSEDD
(END) Dow Jones Newswires
April 01, 2020 02:00 ET (06:00 GMT)
Big Yellow (LSE:BYG)
Historical Stock Chart
From Apr 2024 to May 2024
Big Yellow (LSE:BYG)
Historical Stock Chart
From May 2023 to May 2024