REG - Lok'nStore Group - £40m Banking Facility Extension <Origin Href="QuoteRef">LOK.L</Origin>
RNS Number : 5113VLok'nStore Group PLC31 January 2017Lok'nStore Group plc ("Lok'nStore"or "the Group")
Lok'nStore extends existing 40 million Banking Facility to six years
Lok'nStore plc, the fast growing AIM listed self-storage company, is pleased to announce the agreement of a two year extension on its existing banking facility with Royal Bank of Scotland plc. The 40 million five year revolving credit facility which was executed last year included an extension option which has been implemented. The facility which was due to expire in January 2021,will now run until January 2023 providing funding for more landmark site acquisitions and working capital.
The 40 million five year revolving credit facility set the interest rate margin at the London Inter-Bank Offer Rate (LIBOR) plus 1.40%-1.65% based on a loan to value covenant test. This rate is 1.40% currently and the all in debt cost on 28.8 million drawn averaged 1.7% in the last five months.
Bank covenants and margin are unaffected by this extension of term.
Andrew Jacobs CEO of Lok'nStore Group said;
"This extension of our existing banking facility with its extremely competitive terms and flexible structure underlines the financial strength of Lok'nStore. Following the sale of 1,975,000 shares held in treasury in November 2016 our pro forma loan to value ratio is down to 14.9% and pro forma cash position is 11.4 million. With our modest gearing, valuable property assets and strong and growing cash flow the Group will continue to execute its current growth strategy.
Lok'nStore will announce its preliminary interim results for the 6 months to January 2017 on Monday 24 April 2017.
Enquiries:
Lok'nStore
Andrew Jacobs, CEO
Ray Davies, Finance Director
01252 521 010
finnCap Ltd
Julian Blunt, Giles Rolls, Corporate Finance
Alice Lane, Corporate Broking
020 7220 0500
Camarco
Bill Clegg / Tom Huddart
0203 757 4980
Notes for Editors
Lok'nStore is one of the leading companies in the fast growing UK self-storage market, currently operating 26 highly visible, distinctive orange livery self-storage centres in prominent locations in South-East England and two serviced document storage sites. Lok'nStore is substantially into a programme of opening four new stores in Gillingham, Wellingborough, Broadstairs and Hemel Hempstead which will all open in the Autumn.
This information is provided by RNS - The company news service from the London Stock Exchange.
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