HLCL Helical Plc

TIDMHLCL

RNS Number : 6453H

Helical PLC

02 August 2019

2 August 2019

Helical plc ("Helical" or the "Company")

HELICAL SECURES FIVE YEAR GBP400M REVOLVING CREDIT FACILITY

Helical today announces that is has entered into an amended and restated GBP400m revolving credit facility ("RCF") with four of its lenders, Barclays Bank PLC, HSBC UK Bank plc, National Westminster Bank Plc and Wells Fargo Bank N.A., London Branch. The new facility, initially repayable in July 2024, has two one-year extension options which, if exercised, would extend the repayment date to July 2026.

The facility replaces the existing GBP150m RCF and the GBP200m development facility on the Company's largest asset, The Bower, London, EC1, both of which have been repaid (to the extent drawn). The terms of the new RCF allow drawdowns of up to 60% of value and on completion the facility was GBP221m drawn (at 47% LTV), leaving GBP179m available for future acquisitions.

Tim Murphy, Finance Director at Helical plc, commented:

"With just four floors (12% of space) remaining to be let at The Bower, this new RCF secures the long term refinancing of this key asset together with a portfolio of London and Manchester offices. The new facility extends the average maturity of the Company's borrowings to 4.7 years (31 March 2019: 2.7 years) and reduces the weighted average interest rate to 3.6% (31 March 2019: 4.0%)."

For Further information, please contact:

Helical plc

   Tim Murphy (Finance Director)                  Tel: 020 7629 0113 

FTI Consulting

   Dido Laurimore/Richard Gotla                    Tel 020 3727 1000 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

AGRBLGDIGXGBGCB

(END) Dow Jones Newswires

August 02, 2019 02:00 ET (06:00 GMT)

Helical (LSE:HLCL)
Historical Stock Chart
From Apr 2024 to May 2024

Helical (LSE:HLCL)
Historical Stock Chart
From May 2023 to May 2024