LONDON (Alliance News) - Property developer Helical PLC said on Wednesday it has agreed to a new GBP150 million revolving credit facility with primary lenders Barclays, HSBC and Royal Bank Of Scotland.
The facility will replace the previous GBP100 million due to be repaid in April 2022 and its GBP50 million facility due for repayment in November 2019.
The new facility will be repayable in July 2023 but includes two one-year extensions, exercisable in July 2019 and 2020 which can extend the repayment date to 2025.
Currently, the group has GBP72 million in cash with net borrowings of GBP413 million, up from GBP363 million as at March 31.
In addition, Helical said that since April to date it has let 173,045 square feet of office space in London, which have contracted rents of GBP11.8 million.
"We have made good progress on our current development pipeline, completing the second and final phase at The Bower, and will complete One Bartholomew and the first phase of residential at Barts Square by the end of November 2018," said Chief Executive Gerald Kaye.
"Letting progress during the period has been strong across our London and Manchester portfolios, particularly at One Creechurch Place which is now almost fully let. The recent disposal of The Shepherds Building enhances our firepower and we look forward to recycling the equity released from this sale into new projects to create future profits," Kaye added.
Shares in Helical were down 0.9% at 341.00 pence on Wednesday.
Helical Bar (HLCL)