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Life Science REIT PLC - life science property-focused real estate investment trust - Refinances its existing GBP150 million term loan and revolving credit facility, which is secured on its existing portfolio. Says refinanced facilities provided by existing lender HSBC Holdings PLC, with the Bank of Ireland joining the syndicate as an additional lender. The facilities with HSBC and BoI now include GBP100 million fully drawn term loan, increased from GBP75 million, as well as a GBP50 million RCF, with the terms of both extended to March 2026. Additionally, now has GP35 million accordion facility on RCF.
The facilities now carry a cost of sterling overnight index average rate plus 2.50% margin. The SONIA reference rate is capped at 2.00% per annum until March 2025. GBP40 million of the term loan is define as a green loan, in accordance with LMA Green Loan Principles.
"In this more challenging economic environment, this refinancing represents a highly positive outcome for the company and we are delighted to welcome Bank of Ireland to the syndicate," says Simon Farnsworth, managing director of Ironstone Asset Management Ltd, the company's investment adviser.
Current stock price: 71.60 pence, down 0.3% on Tuesday
12-month change: down 26%
By Elizabeth Winter, Alliance News senior markets reporter
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