Palace Capital PLC Increase in headroom with £40m refinancing (1434I)
07 Agosto 2019 - 8:00AM
UK Regulatory
TIDMPCA
RNS Number : 1434I
Palace Capital PLC
07 August 2019
7 August 2019
Palace Capital plc
("Palace Capital" or the "Company")
PALACE CAPITAL INCREASES HEADROOM WITH GBP40M REFINANCING
Palace Capital (LSE: PCA), the UK REIT that has a diversified
portfolio of UK regional commercial real estate in carefully
selected locations outside of London, today announces that it has
signed a new secured GBP40 million revolving credit facility
("RCF") from NatWest with a maturity of five years, to replace the
current GBP29.4 million NatWest facility.
The RCF provides the Group with additional firepower over
current drawings to support operational flexibility, deliver
further portfolio initiatives and offers wider scope for new
investments that meet the Company's selective investment
criteria.
The Group is currently GBP106.2 million drawn on its existing
facilities (34% LTV using 31 March 2019 values) and the RCF
increases the Company's total debt facilities to GBP154.6 million.
With the benefit of the new facility, the initial weighted average
cost of debt (prior to amortisation of fees) at current rates will
be 3.2%, reducing to 3.1% if fully drawn (weighted average cost of
debt for 12 months to 31 March 2019: 3.3%).
At current drawings, the Group is 65% fixed or hedged, and the
possibility of additional hedging remains under review.
Stephen Silvester, Finance Director of Palace Capital,
commented: "We are pleased to build on our long-term relationship
with NatWest. This new facility further strengthens our financial
platform, takes our average debt maturity out to 4.7 years and
provides us with greater flexibility to implement our active
programme of portfolio management, refurbishment and development at
a highly competitive cost of debt whilst remaining within our
targeted LTV range of 30% to 40%."
For further information, contact:
FTI Consulting (Financial PR)
Claire Turvey / Methuselah Tanyanyiwa
palacecapital@fticonsulting.com
Tel. +44 (0)20 3727 1000
About Palace Capital plc (www.palacecapitalplc.com):
Palace Capital plc (LSE: PCA) is a UK REIT with a c. GBP285
million diversified portfolio of UK regional commercial property.
The Company maintains a disciplined investment strategy focused on
towns and cities outside of London that are characterised by
thriving local economies and strengthening fundamentals. Within
those locations, the highly experienced management team selects
assets that provide opportunity to drive both capital value and
long-term rental income through tailored active asset management
programmes, ultimately delivering attractive shareholder
returns.
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contact rns@lseg.com or visit www.rns.com.
END
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