Workspace Group Inks New 5 Year Loan Facility

1st Jul 2010 08:36

LONDON (Dow Jones)--Workspace Group PLC (WKP.LN), a leading provider of space to small and medium-sized enterprises across London, said Thursday it signed a new GBP200 million five-year bank facility to replace the existing facility provided by GE Capital and BayernLB which was due to mature in November 2012. MAIN FACTS: -The new facility is provided by BayernLB, pbb Deutsche Pfandbriefbank, Nationwide Building Society and Santander. BayernLB are agent under the new facility. -The facility is structured as a five-year term loan facility with a bullet repayment at maturity. The LTV at draw down will be 56% based on March valuations, with an LTV covenant of 70% for the first three years and 65% thereafter. -Margin on the facility is 2.25%. -Draw down of the new facility is expected to take place in the next few days. -The new facility moves the average maturity of the company's debt to over four years; Overall cost of debt is maintained at 6%. -Shares at 0734 GMT down 0.5 pence or 2.3%, at 21 pence, valuing the company at GBP241.4 million. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires July 01, 2010 03:36 ET (07:36 GMT)