abrdn Property Income Trust Limited Extension of Debt Facility

 
TIDMAPI 
 
abrdn Property Income Trust Limited 
 (an authorised closed-ended investment company incorporated in Guernsey with 
                          registration number 41352) 
 
                       LEI Number: 549300HHFBWZRKC7RW84 
 
                                12 October 2022 
 
 
                          EXTENSION OF DEBT FACILITY 
 
abrdn Property Income Trust (API) has completed an extension to its borrowing 
arrangements with the Royal Bank of Scotland International (RBSI). 
 
API currently has two facilities with RBSI, a £110m term loan and a £55m 
Revolving Credit Facility (RCF) (of which £17m is drawn currently, but which 
will shortly be repaid from the proceeds of the recently completed sale of the 
Rainham industrial investment). Both facilities are due to expire in March 
2023. The LTV as at 30 June 2022 was 21.05%. 
 
An extension has been agreed for a three year tenor with a term loan of £85m 
and an RCF of £80m. The new facility will start in March 2023 with a margin of 
150bps over Sonia for both the term loan and the RCF. It is intended that the 
term loan will be fully drawn on commencement. The RCF will be used to provide 
liquidity for the Company and the Board intends to manage the level of debt to 
retain an LTV in the range of 20 - 30%. 
 
The Company has entered into a forward interest rate Swap on the full amount of 
the term loan. The RCF will have a floating rate based on the prevailing Sonia 
rate. The cost of the Swap is 5.47% (giving an all-in rate of 6.97% on the £85m 
borrowed under the term loan). 
 
Jason Baggaley, Fund Manager of API commented "We are delighted to have 
extended our relationship with RBSI, who we have a longstanding relationship 
with. The margin of 150bps is very competitive, and reflects that relationship 
along with the quality of the portfolio. The impact of the elevated SWAP rates 
is disappointing, and we have reduced the size of the term loan as a result. " 
 
 
All Enquiries: 
 
Jason Baggaley - Real Estate Fund Manager, abrdn 
Tel:  07801 039463 or jason.baggaley@abrdn.com 
 
Mark Blyth - Real Estate Deputy Fund Manager, abrdn 
Tel: 07703 695490 or mark.blyth@abrdn.com 
 
 
 
 
END

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October 12, 2022 02:30 ET (06:30 GMT)

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