Empiric Student Property PLC New Revolving Credit Facility for £70 Million (9050W)
20 November 2017 - 6:00PM
UK Regulatory
TIDMESP
RNS Number : 9050W
Empiric Student Property PLC
20 November 2017
20 November 2017
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
New Revolving Credit Facility for GBP70 million
The Board of Empiric Student Property plc (ticker: ESP), the
owner and operator of modern, premium student accommodation across
the UK, is pleased to announce that the Company has agreed a new
revolving credit facility (the "Facility") of GBP70 million with
Lloyds Bank Commercial Banking ("Lloyds Bank"). The Facility is
secured against a portfolio of operating assets, held as a lending
group, through a wholly owned Group subsidiary.
The Facility has a margin of 1.75% per annum above three-month
LIBOR and is repayable three years from the date of agreement but
can be extended by 12 months, by mutual consent, on each of the
first and second anniversaries to a total of five years.
The Facility can be used for general corporate purposes
including the financing of the purchase of properties by any Group
company to be operated as student accommodation or in refinancing
the costs of acquisition of such properties.
In accordance with its investment policy, the Company will
maintain a conservative level of aggregate borrowings, targeting a
level of 35 per cent. but no more than 40 per cent. of the gross
asset value of the Company (calculated at the time of draw
down).
Commenting on the Facility, Andrew Wheldon, Director of Lloyds
Bank Commercial Real Estate said:
"Empiric has an established track record in the acquisition,
development and management of premium student accommodation in the
UK. We are pleased to support Empiric with this Facility which is
secured against premium assets in central locations in prime UK
university cities and towns and will support the management team
with its future growth plans."
Lynne Fennah, Chief Financial Officer of Empiric Student
Property plc, commented:
"This new Facility provides the Company with further flexibility
in financing future acquisitions, within our target loan-to-value
parameters. This is a new debt funding relationship and we look
forward to working with Lloyds Bank in the future."
For further information on the Company, please contact:
Empiric Student Property plc (via Newgate below)
Paul Hadaway (Chief Executive)
Lynne Fennah (Chief Financial
Officer)
Tim Attlee (Chief Investment
Officer)
Akur Limited (Joint Financial Tel: 020 7493 3631
Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant
Jefferies International Limited Tel: 020 7029 8000
(Joint Financial Adviser and
Broker)
Gary Gould
Stuart Klein
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: empiric@newgatecomms.com
Anna Geffert
Lydia Thompson
The Company's LEI is 213800FPF38IBPRFPU87.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Further information on Empiric can be found on the Company's
website at www.empiric.co.uk.
Notes:
Empiric Student Property plc is a leading provider and operator
of modern, direct-let, nominated or leased student accommodation
across the UK. Investing in both operating and development assets,
Empiric is a multi-niche student property company focused on, (i)
providing good quality first year accommodation managed through its
Hello Student(R) operating platform in relationships with
universities, (ii) offering a variety of second and third year
purpose built accommodation options for individual students and
those wanting a group living environment, and (iii) continuing to
expand the Group's existing premium, studio-led accommodation
portfolio which is attractive to international and postgraduate
students.
The Company, an internally managed real estate investment trust
("REIT") incorporated in England and Wales, listed on the premium
listing segment of the Official List of the Financial Conduct
Authority and was admitted to trading on the main market for listed
securities of the London Stock Exchange in June 2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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