Grainger Plc (GRI.L), a UK-based real estate investment trust, Monday said that it has secured an extension of its 540 million pounds core banking facilities through to 2033 with lenders AIB, Barclays, HSBC, and NatWest, thus strengthening its balance sheet and long-term funding position.
The refinancing increases the weighted average maturity of the facilities, including extension options, to 4.6 years and was agreed at lower margins, delivering annual finance cost savings of around £1 million.
The move aligns with Grainger's previously announced deleveraging strategy, which targets a 300 million pounds to 350 million pounds reduction in debt by 2029, alongside a Loan-to-Value ratio of 30 percent and a Net Debt-to-EBITDA ratio of 8x.
On the LSE, GRI.L ended Friday's trading at 161.00 pence, down 0.19 percent.
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