26th Jul 2024 08:09
(Sharecast News) - Real estate investment trust Supermarket Income has completed a £170.0m refinancing through its first private placement debt issuance and a new unsecured bank facility.
Supermarket Income said on Friday that it has signed and completed an agreement with a group of institutional investors for a private placement of €83.0m of new senior unsecured notes, which have a maturity of seven years and fixed rate coupon of 4.44%.
The FTSE 250-listed firm also refinanced its £97.0m secured debt facility with Deka through a new £100.0m unsecured debt facility with ING Bank, comprised of a £75.0m term loan and a £25.0m revolving credit facility.
Supermarket Income stated that it now has a pro-forma loan-to-value ratio of 37% following the debt refinancing.
As of 0910 BST, Supermarket Income REIT shares were up 0.68% at 73.70p.
Reporting by Iain Gilbert at Sharecast.com