LONDON (Alliance News) - Real estate investor McKay Securities PLC has signed a new credit facility worth GBP180 million, it said Monday.
McKay's new facility will last for five years, and replaces its current three facilities worth a combined GBP125 million. The new financing has been secured from Lloyds Bank, Barclays PLC, NatWest, and Santander.
The new loan facility increases McKay's existing debt facilities to GBP245 million, giving it the firepower to expand its new investment possibilities. It has drawn GBP165 million of existing debt.
Chief Executive Simon Perkins said: "We are pleased to build on our long-term relationship with our banking group and welcome back Lloyds into our pool of lenders."
"This new facility further strengthens our financial platform and provides us with greater flexibility to implement our active programme of portfolio management, refurbishment and development at a highly competitive cost of debt."
Shares were untraded on Monday morning, last quoted at 239 pence each.
Barclays (BARC)
Lloyds (LLOY)
