REG - Big Yellow Group PLC - Refinancing of M&G debt facility

Big YellowAnnouncement

09/09/2022 07:00

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RNS Number : 8469Y  Big Yellow Group PLC  09 September 2022

 

9 September 2022

 

Big Yellow Group PLC

("Big Yellow", "the Group" or "the Company")

 

Refinancing of M&G debt facility

The Group is pleased to announce that it has refinanced its £120 million debt
facility with M&G Investments ("M&G") for a seven year term, with the
new loan expiring in September 2029, secured against a portfolio of 15
assets.  The existing facility was due to expire in June 2023.  £35 million
of this facility is currently hedged until June 2023, and the balance is
variable.

The pricing on the facility agreement was reflective of the sustainability
investments that Big Yellow has made over the past few years, and our planned
investment in solar over the coming years as part of our Net Renewable Energy
Positive Strategy.  The margin on the facility was reduced by 20bps from the
expiring facility, reflective of improved portfolio performance.

John Trotman, Chief Financial Officer of Big Yellow commented:

"We are pleased to have continued our long-standing relationship with M&G,
and this refinancing is an important step in us extending the maturities of
our overall debt facilities.  Following this refinancing, the current average
cost of our drawn debt across all of our facilities is 3.4%."

 

Ida Yazdchi, Associate Director, M&G Investments

"We are delighted to continue our lending relationship for a further seven
years with Big Yellow. The portfolio's resilient performance over the last
decade coupled with Big Yellow's focus on investing in sustainable energy
across the portfolio are strong positives for us."

Enquiries:

 James Gibson, Chief Executive Officer  01276 477811
 John Trotman, Chief Financial Officer  01276 477811
 Teneo                                  0203 603 5221
 Ben Foster

 

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