RDI REIT PLC Early Refinancing of £275million UK Bank Facility (3046N)
January 17 2019 - 2:00AM
UK Regulatory
TIDMRDI
RNS Number : 3046N
RDI REIT PLC
17 January 2019
RDI REIT P.L.C.
("RDI" or the "Company")
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
LEI: 2138006NHZUMMRYQ1745
RDI completes the early refinancing of a GBP275.0 million UK
bank facility
RDI, the income focused UK-REIT, is pleased to announce the
successful early refinancing of its largest UK debt facility. The
facility has been extended for five years with a club of three
banks comprising Barclays, HSBC and RBS.
The total facility commitments of GBP275.0 million include a
GBP137.5 million term loan and a GBP137.5 million revolving credit
facility. The facility is currently drawn to GBP250.0 million
reflecting an anticipated LTV of approximately 47% whilst providing
GBP25.0 million of additional headroom. The majority of the drawn
amount has been hedged at an attractive rate and, combined with the
ratcheted margin structure, is anticipated to result in a total
interest cost of between 3.0% and 3.3%. The revolving credit
facility provides significant flexibility in managing the Company's
capital and liquidity.
This proactive refinancing will extend RDI's weighted average
debt maturity to 7.1 years (6.7 years at 31 August 2018) and
marginally increase the Company's weighted average interest rate to
approximately 3.5% (3.4% at 31 August 2018). The Company's overall
loan to value remains broadly unchanged and within the Company's
target of 40% - 50%.
Stephen Oakenfull, Deputy CEO at RDI, commented:
"We are pleased to have secured attractive terms on the
extension of our principal UK debt facility with built in
flexibility to manage capital efficiently through the revolving
credit facility. In the current uncertain economic environment, we
are pleased to have secured the early extension of this
facility."
For further information:
RDI REIT P.L.C.
Mike Watters, Stephen Oakenfull, Janine Ackermann Tel: +44 (0) 20 7811
0100
FTI Consulting
UK Public Relations Adviser
Dido Laurimore, Claire Turvey, Ellie Sweeney Tel: +44 (0) 20 3727
1000
Instinctif Partners
SA Public Relations Adviser
Frederic Cornet Tel: +27 (0) 11 447
3030
JSE Sponsor
Java Capital Tel: + 27 (0) 11
722 3050
Note to editors:
About RDI
RDI is a UK Real Estate Investment Trust (UK-REIT) committed to
becoming the UK's leading income focused REIT. The Company's
income-led business model and strategic priorities are designed to
offer shareholders superior, sustainable and growing income
returns, with a target growth in underlying earnings per share of
3%-5% across the medium term.
Income sustainability is underpinned by a diversified portfolio
and tenant base, with no overreliance on any one sector or tenant,
together with an efficient capital structure. The secure and
growing income stream is 27.0% indexed and has a WAULT of 7.0 years
to first break (8.4 years to expiry). This is complemented by an
average debt maturity of 6.7 years of which over 95% of interest
costs are either fixed or capped. The Company is focused on all
aspects impacting shareholder distributions and reports one of the
lowest cost ratios in the industry whilst maintaining a low cost of
debt.
The Company owns properties independently valued at GBP1.6bn in
the United Kingdom and Germany, Europe's two largest, liquid and
transparent property markets. RDI invests in assets with strong
property fundamentals spread across UK offices (including London
serviced offices), UK logistics, UK shopping centres, UK retail
parks, UK hotels and German retail. RDI is well placed to take
advantage of the increasing occupier requirement for real estate
owners to become high quality service providers, given its scalable
operational platforms and nearly a third of the portfolio invested
in hotels and London serviced offices.
RDI holds a primary listing on the London Stock Exchange and a
secondary listing on the JSE and is included within the EPRA, GPR,
JSE All Property and JSE Tradeable Property indices.
For more information on RDI, please refer to the Company's
website www.rdireit.com
All figures as at 31 August 2018.
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END
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