REG - Panther Securities - Completion of refinancing

Panther SecuritiesAnnouncement

02/04/2024 07:00

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RNS Number : 8956I  Panther Securities PLC  02 April 2024

2 April 2024

Panther Securities PLC

(the "Company" or the "Group")

Completion of refinancing

 

Further to the Company's announcement made on 18 December 2023, Panther
Securities PLC is pleased to announce that the refinancing of its loan
facilities has now been completed.

The new facility ("New Facility") is for a total of £68 million, split
between a £55 million term loan and a £13 million revolving facility.  The
New Facility has a four-year term (with a further one-year option to extend
subject to credit approval).  The interest rate payable is 2.3 per cent. over
three month SONIA with a ratchet that can take it to 2.5 per cent over three
month SONIA in certain circumstances, although both rates within the agreement
represent an improvement compared to the previous facility.  The Group is
providing very similar covenants to the previous facility. The New Facility is
secured on a charged portfolio consisting of 100 properties (with circa 950
units) spread over many locations and property uses that have been valued at
£163 million.

HSBC and Santander remain as the joint providers of the New Facility.

The Group is in a fortunate position whereby it will continue to benefit from
existing interest rate swap arrangements, which provide effective fixed
interest rate protection that is significantly below the current SONIA rates,
in relation to £60 million of the £68 million New Facility. The Group's
interest rate swaps provide a fixed interest rate of 3.40 per cent. in
relation to £35 million of the New Facility and a fixed interest rate of 2.01
per cent. in relation to £25 million of the New Facility. The durations of
the Group's existing swaps are beyond the term of the New Facility.

For further information:

Panther Securities
plc:
Tel: 01707 667 300

Andrew Perloff / Simon Peters

Allenby Capital Limited (Nomad and Joint
Broker)
Tel: 020 3328 5656

Alex Brearley / Piers Shimwell

 

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