LONDON (Alliance News) - Logistics-focused property investor Tritax Eurobox PLC said Monday it had secured a new EUR200 million revolving credit facility to help finance its acquisition opportunities.
The new facility - with HSBC Holdings PLC and BNP Paribas - comes with an "attractive" opening margin of 1.55%. It has an initial maturity of five years which can be extended by a further two years with lender support.
"This financing represents a significant milestone for the company following its initial public offering in July 2018," Tritax Eurobox Fund Manager Nick Preston said. "The EUR200 million new facility offers the company a highly attractive cost of debt and the unsecured structure provides significant operational flexibility, underlining the support for our strategy and strong sector fundamentals."
Once fully drawn, Tritax Eurobox will see its loan-to-value ratio sit at 38%. This compares to a medium-term LTV target of 45%.
"We are delighted that HSBC Bank plc and BNP Paribas, London Branch have supported us in this financing and we look forward to developing these relationships and new ones with additional banks to provide further flexible liquidity as the company increases the size of its portfolio", Preston added.
Shares in Tritax Eurobox were untraded at 100.00 pence on Monday.
Tritax Eurobox (EBOX)