LONDON (Alliance News) - Secure Income REIT PLC said Wednesday it has secured GBP587 million in new credit facilities, replacing around two thirds of its existing debt, and an agreement with its current lender Bank of Scotland PLC to reduce swap break costs and other fees relating to its loan facilities.
The company said it is continuing to pursue opportunities to refinance the balance of its portfolio, and will provide an update in due course.
Following the completion of the sale of Madame Tussauds in August and a partial refinancing, GBP849 million of the company's secured loan facilities have recently been repaid. Of the original loans GBP298.2 million remains outstanding, and should those loans be repaid in full before the end of this year up to a further GBP13.4 million of cost reduction would be available to the company, it said.
"We are pleased to have concluded these significant steps in the transformation of the business through which we aim to increase profitability, generate attractive growth in shareholder value and ultimately to generate a stable stream of cash distributions once the process is complete," said Chairman Martin Moore in a statement.
Shares in Secure Income REIT were untraded Wednesday afternoon. It last closed at 251.00 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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