Helical logo

HLCL - Helical News Story

364.5p -5.0  -1.4%

Last Trade - 20/09/19

Sector
Financials
Size
Mid Cap
Market Cap £443.2m
Enterprise Value £678.4m
Revenue £36.1m
Position in Universe 596th / 1827

Helical PLC - HELICAL SECURES FIVE YEAR £400M RCF

Fri 2nd August, 2019 7:00am
RNS Number : 6453H
Helical PLC
02 August 2019
 

 

2 August 2019

Helical plc ("Helical" or the "Company")

 

HELICAL SECURES FIVE YEAR £400M REVOLVING CREDIT FACILITY

Helical today announces that is has entered into an amended and restated £400m revolving credit facility ("RCF") with four of its lenders, Barclays Bank PLC, HSBC UK Bank plc, National Westminster Bank Plc and Wells Fargo Bank N.A., London Branch. The new facility, initially repayable in July 2024, has two one-year extension options which, if exercised, would extend the repayment date to July 2026.

The facility replaces the existing £150m RCF and the £200m development facility on the Company's largest asset, The Bower, London, EC1, both of which have been repaid (to the extent drawn). The terms of the new RCF allow drawdowns of up to 60% of value and on completion the facility was £221m drawn (at 47% LTV), leaving £179m available for future acquisitions.

Tim Murphy, Finance Director at Helical plc, commented:

"With just four floors (12% of space) remaining to be let at The Bower, this new RCF secures the long term refinancing of this key asset together with a portfolio of London and Manchester offices. The new facility extends the average maturity of the Company's borrowings to 4.7 years (31 March 2019: 2.7 years) and reduces the weighted average interest rate to 3.6% (31 March 2019: 4.0%)."

 

For Further information, please contact:

 

Helical plc

Tim Murphy (Finance Director)                  Tel: 020 7629 0113

 

FTI Consulting

Dido Laurimore/Richard Gotla                    Tel 020 3727 1000


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 or visit www.rns.com.
 
END
 
 
AGRBLGDIGXGBGCB
© Stockopedia 2019, Thomson Reuters, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.