REG - Big Yellow Group PLC - Refinancing of revolving credit facility

Big YellowAnnouncement

19/12/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231219:nRSS2094Xa&default-theme=true

RNS Number : 2094X  Big Yellow Group PLC  19 December 2023

19 December 2023

 

Big Yellow Group PLC

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

 

Refinancing of revolving credit facility

 

Big Yellow is pleased to announced that it has completed the refinancing of
its revolving credit facility.

The Group has put in place a new £300 million ESG-linked facility for an
initial term of three years, with the option to extend the facility by two
additional one-year terms through to December 2028, subject to lender
approval.  The facility has been provided by Lloyds Bank plc, HSBC UK Bank
plc, Bank of Ireland, and Barclays Bank plc, with Barclays joining the
existing three bank syndicate.  The margin of 1.25% is unchanged from the
existing facility.

The Group has incorporated ESG-linked KPIs into the loan, which include annual
pre-agreed targets and are based on:

-     Reductions in Scope 1 and 2 emissions

-     Increase in solar generation capacity

-     Total annual grants to Big Yellow Foundation charity partners

-     The value of storage space provided free of charge to local
charities in our stores

Performance against the KPIs will be measured annually, and a margin decrease
or increase will be applied to the headline margin on the basis of this
performance.

John Trotman, Chief Financial Officer of Big Yellow commented:

"We are pleased to have completed this refinancing, which increases the
liquidity available to the Group, with available headroom on our debt
facilities of just over £200 million.  The average maturity of our debt
facilities is now 4 years."

 

 

 Enquiries:
 James Gibson, Chief Executive Officer    01276 477811
 John Trotman, Chief Financial Officer    01276 477811

 Teneo                                    020 7260 2700
 Charlie Armitstead

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDTPBRTMTTBBRJ