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LONDON (Alliance News) - Self-storage space provider Lok'nStore Group PLC on Monday said it has signed a new GBP40.0 million revolving credit facility on improved terms.
The new five-year loan agreement with Royal Bank of Scotland PLC will back site acquisitions and provide working capital for the business.
Lok'nStore said the new facility has a margin of LIBOR plus 1.40%-1.65%, a significant improvement on the terms of the previous facility, which carried a rate of LIBOR plus 2.35%-2.65%.
"This new banking facility with its substantially improved terms and structure underlines the financial strength of Lok'nStore with its modest gearing, valuable property assets and strong and growing cash flow," said Andrew Jacobs, Lok'nStore's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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