Londonmetric Property secures new £400m credit facility

2nd Apr 2015 09:07

Investment group Londonmetric Property has secured a new £400m-unsecured revolving credit facility, which replaced five existing secured debt facilities.The London-listed company said the new five-year facility, which could prolonged for an additional two years, could be extended to £500m and has a minimum margin of 130 basis points with an opening margin of 150 basis points.The FTSE 250 group said the new facility, whose average interest rate will decrease from 3.72% to 3.37% when fully drawn, will replace five existing secured debt facilities, which are £269.3m drawn and reduces the number of its debt facilities from six to two.Londometric shares were uo 0.12% to 166.20p at 09:24 on Thursday.