REG - Tritax Big Box REIT - Refinancing supports strategic objectives delivery

Tritax Big Box REITAnnouncement

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RNS Number : 9350N  Tritax Big Box REIT plc  23 June 2025

Successful refinancing supports ongoing delivery of our strategic objectives

·      New £400 million RCF refinances existing £300 million facility

·      Maintains same margin and provides five-year term, plus two-year
extension option

·      Additional £150 million refinancing of bilateral bank facilities

 

23 June 2025, Tritax Big Box REIT plc ("Tritax Big Box" or "the Company";
ticker: BBOX) is pleased to announce it has entered into a new £400 million
unsecured revolving credit facility (the "New RCF") with a syndicate of its
existing relationship banks and new lenders.

 

The New RCF is available for general corporate purposes and is being used to
refinance the Company's existing £300 million revolving credit facility due
to mature in June 2026 (the "Existing RCF"), as well as to support the
Company's investment and development activities.

 

With an initial five-year term that may be extended to a maximum of seven
years subject to lender consent, the New RCF also contains an uncommitted
£200 million accordion option. It has the same margin ratchet as the Existing
RCF, with an opening margin of 110bps, but with a margin reduction should the
Company benefit from a potential future credit rating upgrade to A3 or higher
by Moody's (or equivalent from S&P or Fitch).

 

The syndicate for the New RCF comprises ABN AMRO, Bank of America, Bank of
China, London Branch, Barclays, BBVA, BNP Paribas, CaixaBank S.A. (UK Branch),
JPMorgan Chase, Santander, SMBC BI, and The Royal Bank of Scotland
International.

 

Alongside the New RCF, the Company is pleased to announce the refinancing of
its existing £150m bilateral Barclays facilities with Barclays with a new
bilateral term loan, again with Barclays (the "Term Loan"). The Term Loan has
a maturity of October 2027 and may be extended by up to a further three years
subject to lender consent. The Term Loan aligns with the Company's continued
sustainability efforts and ESG strategy as it incorporates a
sustainability-linked margin adjustment. It also benefits from the same margin
reduction mechanism as the New RCF if the company benefits from a potential
future credit rating upgrade.

 

Barclays Bank PLC acted as Agent and Documentation Coordinator for the New
RCF.

 

The Company was advised on the transaction by Lazard & Co., Limited.

 

Frankie Whitehead, Partner and CFO for Tritax Big Box REIT plc, commented:

"The new £400m RCF will increase available liquidity and supports our ongoing
ability to execute our strategy, including our attractive logistics and data
centre development opportunities whilst maintaining an average cost of debt in
line with the level we reported at FY24. We are grateful for the continued
support of our banking syndicate and the addition of three new lenders
validates the quality of our investment portfolio and growth potential. Our
strong balance sheet provides us with financial flexibility while our debt
maturity profile remains well diversified by both source and by maturity."

 

For further information, please contact:

Tritax Group

Colin Godfrey,
CEO
            Tel: +44 (0) 20 8051 5060

Frankie Whitehead,
CFO
Email: bigboxir@tritax.co.uk (mailto:bigboxir@tritax.co.uk)

Ian Brown, Head of Corporate Strategy & Investor Relations

 

Kekst CNC

Tom Climie / Guy
Bates
            Tel: +44 (0) 7760 160 248 / +44 (0) 7581 056 415

Email: tritax@kekstcnc.com (mailto:tritax@kekstcnc.com)

 

Notes:

Tritax Big Box REIT plc (ticker: BBOX) is the largest listed investor in
high-quality logistics warehouse assets and controls the largest
logistics-focused land platform in the UK. Tritax Big Box is committed to
delivering attractive and sustainable returns for shareholders by investing in
and actively managing existing built investments and land suitable for
logistics development. The Company focuses on well-located, modern logistics
assets, typically let to institutional-grade clients on long-term leases with
upward-only rent reviews and geographic and client diversification throughout
the UK. Additionally, having adopted a "power first" approach, the Company has
recently secured its first 147MW data centre development opportunity, and a
further 1GW pipeline, offering the potential to deliver exceptional returns on
an accelerated basis.

The Company is a real estate investment trust to which Part 12 of the UK
Corporation Tax Act 2010 applies, is listed on the Official List of the UK
Financial Conduct Authority and is a constituent of the FTSE 250, FTSE
EPRA/NAREIT and MSCI indices.

Lazard & Co., Limited (Lazard) is acting as independent financial adviser
to the Company in relation to the New RCF and the Term Loan. Lazard is
authorised and regulated in the United Kingdom by the Financial Conduct
Authority, is acting exclusively as financial adviser to Tritax Big Box REIT,
and no one else, in connection with the New RCF and the Term Loan and will not
be responsible to anyone other than Tritax Big Box REIT for providing the
protections afforded to clients of Lazard, nor for providing advice in
relation to the New RCF and the Term Loan or any other matters referred to in
this announcement. Neither Lazard nor any of its affiliates owes or accepts
any duty, liability or responsibility whatsoever (whether direct or indirect,
whether in contract, in tort, under statute or otherwise) to any person who is
not a client of Lazard in connection with this announcement, any statement
contained herein or otherwise.

 

The Company's LEI is: 213800L6X88MIYPVR714.

 

Further information on Tritax Big Box REIT is available at: tritaxbigbox.co.uk
(http://www.tritaxbigbox.co.uk/)

 

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