Lok'nStore Group PLC Extension of GBP75 million Banking Facility to 2025 (4011T)
July 20 2020 - 2:00AM
UK Regulatory
TIDMLOK
RNS Number : 4011T
Lok'nStore Group PLC
20 July 2020
20 July 2020
Lok'nStore Group plc ("Lok'nStore" or "the Group")
Lok'nStore extends existing GBP75 million Banking Facility to
2025
Lok'nStore plc, the fast-growing AIM listed self-storage
company, is pleased to announce the agreement of a one-year
extension to its existing joint banking facility with Royal Bank of
Scotland plc and Lloyds Bank plc. The GBP75 million five-year
revolving credit facility which was executed last year included two
extension options, one of which has now been implemented. The
facility which was due to expire in April 2024, will now run until
April 2025 providing funding for more landmark site
acquisitions.
The GBP75 million five-year revolving credit facility set the
interest rate margin at the London Inter-Bank Offer Rate (LIBOR)
plus 1.50%-1.75% based on a loan to value covenant test. This rate
is 1.50% currently and our current all in debt cost on GBP51.2
million drawn is averaging 1.6%-1.7%. The facility also provides
for a GBP25 million accordion uplift to GBP100 million.
Bank covenants and margin are unaffected by this extension of
term.
Andrew Jacobs, CEO of Lok'nStore Group, said:
"This extension of our existing banking facility with its
extremely competitive terms and flexible structure underlines the
financial strength of Lok'nStore. Our current pro forma loan to
value ratio is 19.9% net of cash with a pro forma cash position of
GBP12.6 million. With our modest gearing, valuable property assets
and strong and growing cash flow the Group will continue to execute
its current growth strategy as the economy returns to normal."
Ends
Enquiries:
Lok'nStore:
Andrew Jacobs, CEO
Ray Davies, Finance Director 01252 521 010
finnCap Ltd
Julian Blunt / Giles Rolls, Corporate
Finance
Alice Lane, ECM 020 7220 0500
Camarco
Billy Clegg / Tom Huddart 0203 757 4983
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END
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