REG - Great Portland Ests. - GPE signs new £150 million ESG-linked RCF

Great Portland EstatesAnnouncement

11/11/2024 07:00

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RNS Number : 6112L  Great Portland Estates PLC  11 November 2024

 

 

11 November 2024

 

GPE signs new £150 million ESG-linked Revolving Credit Facility

 

Great Portland Estates plc (GPE) announces that it has signed a new £150
million ESG-linked unsecured revolving credit facility (RCF) at a headline
margin of 90 basis points over SONIA. The facility has an initial three-year
term which may be extended to a maximum of five years at GPE's request,
subject to bank consent.

 

Alongside GPE's existing ESG-linked bank facilities, and the recently
announced £250 million sterling sustainable bond, the RCF extends our
weighted average debt maturity to over seven years. The facility includes our
innovative ESG KPI margin adjustments and our standard unsecured financial
covenants, in line with our existing bank facilities.

 

Three banks participated in the facility. Two existing relationship banks,
Lloyds Bank plc and Bank of China, together with CaixaBank SA UK Branch, for
whom the RCF represents their first banking relationship with GPE. Lloyds Bank
plc acted as the Documentation Agent and Sustainability Coordinator.

 

Nick Sanderson, CF&OO, said, "We are delighted to have arranged this new
facility with both existing and new relationship banks, demonstrating strong
support for our focused strategy. Along with our recent rights issue and
sustainable sterling bond, this facility provides further flexibility for us
to capitalise on the exciting pipeline of opportunities that we are
unearthing, accelerated by our recent acquisitions of Whittington House and
19/23 Wells Street"

 

 

 

 Great Portland Estates plc                                                                                                                                                                                +44  (0)  20  7647   3000
 Nick Sanderson, Chief Financial & Operating Officer
 Martin Leighton, Joint Director of Finance
 Holly Reynolds, Senior Corporate Finance & Tax Manager

 Charlie Turrell, Head of Commercial Finance

 FGS Global
 James                                                                                                                                                                                                     +44  (0)  20  7251  3801
 Murgatroyd
 Gordon
 Simpson

 

For further information see www.gpe.co.uk or follow us on X at @GPE_London

LEI Number: 213800JMEDD2Q4N1MC42

 

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