Big Yellow Group PLC Increase in debt facilities (0095P)
October 14 2021 - 2:00AM
UK Regulatory
TIDMBYG
RNS Number : 0095P
Big Yellow Group PLC
14 October 2021
14 October 2021
Big Yellow Group PLC
("Big Yellow", "the Group" or "the Company")
Increase in debt facilities
The Group is pleased to announce an increase of GBP100 million
in its loan facilities with Aviva Investors ("Aviva") and M&G
Investments ("M&G").
Aviva loan facility
The Group has secured an additional GBP50 million seven year
debt facility with Aviva.
As part of this refinancing the expiry of the existing loan has
been extended from April 2027 to September 2028. This has reduced
the fixed cost of the total Aviva loan facility from 4.0% to
3.5%.
Sustainability KPIs have been incorporated into this additional
borrowing. These include the continued installation of solar panels
across the security stores which will reduce emissions and running
costs, and the business being on-track to achieve 'Net Renewable
Energy Positive' status by 2030. The Group will benefit from a
margin reduction on the new GBP50 million loan, conditional on
achieving these targets.
The total debt facilities from Aviva are now GBP163.4 million of
which GBP18.4 million amortises to nil by April 2027.
M&G loan facility
The Group has increased the facilities of its M&G loan by
GBP50 million to a total facility of GBP120 million. GBP35 million
of the total M&G loan is fixed by a way of swap, with the
balance floating. The average cost of the M&G loan is now 2.4%,
with the loan expiring in June 2023. The Group intends to commence
discussions on refinancing this loan next year.
John Trotman, Chief Financial Officer of Big Yellow
commented:
"We are pleased to have continued our long-standing
relationships with Aviva and M&G by agreeing these increases to
our existing facilities.
We have put in place our second green loan with Aviva, which
will reward the Group via a margin reduction as we implement our
Net Renewable Energy Positive plan that was published in June this
year.
These new facilities provide the Group with total facilities of
GBP576 million, with current headroom of cash and undrawn bank
facilities of over GBP175 million. In addition, the Group has land
surplus to its needs which will be realised over the medium term,
generating net cash proceeds estimated currently at over GBP100
million. The average cost of debt on drawn facilities is now 2.8%
and the marginal cost of RCF bank debt remains at 1.35%."
Enquiries:
Nicholas
Vetch, Executive Chairman 01276 477811
Chief Executive
James Gibson, Officer 01276 477811
Chief Financial
John Trotman, Officer 01276 477811
Teneo 0203 603 5221
Ben Foster
Matt Denham
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END
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