(Alliance News) - Empiric Student Property PLC said Friday it has refinanced GBP32.8 million of its existing debt, by extending the facility due to expire in October with AIB Group PLC by four years to October 31, 2024.
The student property operator said the facility is now on more favourable terms, with a reduced interest cost of 1.7% per annum above three-month LIBOR compared to 2.3% above 3-month LIBOR previously.
The facility remains secured against a portfolio of operating assets, and now all refinancing for 2020 has been completed, with the next not due until November 2022.
Empiric Student Property said it now has GBP14 million in cash and GBP35 million in undrawn debt facilities.
"We are delighted to have successfully refinanced this facility early with existing lender AIB, extending the term by four years on more favourable financial terms, and we look forward to continuing to work with AIB. The group's next refinancing is not due until November 2022," said Chief Financial and Operating Officer Lynne Fennah.
Shares in Empiric Student Property were down 1.4% at 63.50 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Empiric (ESP)