Picton Property Income Ltd - London-based real estate investment trust - Increases and extends one of its long-term debt facilities. The company secures an extra GBP49 million of new borrowings, increasing the facility to GBP129 million. The new borrowings are fixed at a rate of 3.25% and the existing GBP80 million tranche has had the interest rate reduced to the same level. The maturity date of the existing loan has been extended from July 2027 to July 2031. Picton says the proceeds will be used to repay its revolving credit facility, which was recently drawn to fund property acquisitions. The remaining proceeds will be used to fund identified acquisitions and capital projects within its portfolio, it adds.
Current stock price: 99.50 pence
12-month change: 14%
By Heather Rydings; heatherrydings@alliancenews.com
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Picton Prop (PCTN)