LONDON (Alliance News) - GCP Student Living PLC Friday said it has reduced its weighted average cost of debt to 3.0% after signing a new GBP40 million facility with Barclays Bank PLC set to mature in May 2019.
The firm said at the end of March its total bank borrowings were GBP38.6 million, set to mature in July 2015, producing a debt to property value of 35.3%. The company had an interest rate swap with a notional value of GBP25.1 million at a rate of 2.73% and a weighted average cost of debt of 4.4% at March 31.
The previous interest rate swap has been terminated and replaced with an interest rate swap with a notional value of GBP20 million. The cost of cancelling the previous swap was GBP600,000.
In a separate note Friday, GCP said it has completed the acquisition of Scape Greenwich, a new, purpose-built 280 studio accommodation block located on the Greenwich peninsula in London for an undisclosed fee.
GCP shares were quoted down 0.6% at 115.76 pence Friday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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