Big Yellow Group PLC - Surrey, England-based self-storage facilities operator - Refinances its GBP120 million debt facility with M&G Investments Ltd for a seven year term, with the new loan expiring in September 2029. The existing facility was due to expire in June 2023. Adds that GBP35 million of this facility is currently hedged until June 2023, and the balance is variable.
Says the pricing on the facility agreement is reflective of the sustainability investments it has made over the past few years and its planned investment in solar as part of its "net renewable energy positive strategy" over the coming years.
Chief Financial Officer John Trotman comments: "We are pleased to have continued our long-standing relationship with M&G, and this refinancing is an important step in us extending the maturities of our overall debt facilities. Following this refinancing, the current average cost of our drawn debt across all of our facilities is 3.4%."
Current stock price: 1,234.00 pence
12-month change: down 17%
By Sophie Rose; sophierose@alliancenews.com
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Big Yellow (BYG)