LondonMetric Property PLC refinances on better terms

() said it had completed a £780mln debt refinancing with lower interest and a longer maturity  period.

The new loan note and revolving credit facility replaces the previous arrangement and see debt maturity increase by 4 years to 8.2 years and the average cost of debt on a drawn basis drop to 2.6% (2.9%).

Martin McGann, LondonMetric’s finance director said:  “We have undertaken very significant refinancings of our debt position and are delighted with the support shown by our RCF lenders and the increased diversification of our private placement investors in North America and the UK.

“These refinancings lengthen our debt maturity and reduce our overall cost of borrowing.”