Refinancing of Covent Garden unsecured debt facility
Capital & Counties Properties PLC (“Capco”) is pleased to announce that it has completed a new £705 million unsecured Revolving Credit Facility (RCF) for Covent Garden.
The new facility, which replaces the existing £665 million unsecured RCF signed in February 2014, has a five year term which may be extended to a maximum of seven years and upon drawing will reduce the Group’s weighted average cost of debt from 3.3% to 2.8%.
The Royal Bank of Scotland, BNP Paribas, Barclays Bank, Credit Agricole, HSBC Bank, Bank of China, Wells Fargo and Santander acted as Mandated Lead Arrangers. The Royal Bank of Scotland, BNP Paribas, Barclays Bank, Credit Agricole acted as Bookrunners with Royal Bank of Scotland acting as Co-ordinator and HSBC Bank as Facility Agent.
Soumen Das, Chief Financial Officer and Managing Director of Capco, commented: “I am delighted to have completed this refinancing transaction with our relationship banking group which further strengthens the balance sheet. The facility extends our maturity profile, reduces cost and is consistent with our strategy of actively managing our debt to maintain flexibility.”
Steve Bullock, Head of Structured Real Estate Finance at RBS, commented: “We are once again very pleased to have worked with Capco on this successful transaction which reflects our confidence in the business."
Capital & Counties Properties PLC
Michelle McGrath, Director of Investor Relations Tel: +44 (0) 20 7297 6093
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